Demystifying Li Shufu's acquisition of Volvo There are a thousand reasons for civilians to marry the princess for speculation, as is Geely's acquisition of Volvo. Geely and Ford agreed on the terms of the acquisition of Volvo's business on the 23rd, and this highly speculative acquisition was finally "one-pointed." In an exclusive interview with reporters from Xinhua News Agency, Li Shufu responded for the first time to the outside world's questions about the "Snake Swallow Elephant" merger in the past year. "Let Chinese cars travel all over the world, not let the world's cars travel all over China" In 1999, Ford acquired Volvo, the world's top car brand, spent 6.45 billion US dollars, more than three times the current Geely bid. By the time Ford was preparing to sell Volvo in 2008, it had a pre-tax loss of up to $ 1.5 billion and owed Ford $ 3.5 billion in debt. Was it a profit or a loss to buy a Volvo that is not what it used to be at a price of about 2 billion US dollars? Li Shufu has his own account. "The acquisition of Volvo has something to do with new energy vehicles." Li Shufu said, "New energy vehicles are the future of the world's auto industry. By then, all the vehicles produced by Geely will be hybrid electric vehicles. But with China's current R & D investment, Far behind the progress of developed countries. " Ford and Volvo have spent tens of billions of dollars on new energy technologies in the past decade. From this point of view, Li Shufu believes that Geely's current bid price is "very worthwhile". Of course, Li Shufu is not just interested in Volvo's new energy technology. "For Volvo, I took a fancy in 2002." Li Shufu said. In 2002, Li Shufu had just received a "passport certificate" for a car. It has been four years since the director of the refrigerator factory led the workshop workers to manually knock out China's first privately-made car. It has invested 2 billion for the "car-making dream" yuan. At that time, Li Shufu dismantled his Mercedes-Benz car and let workers imitate it. What he wanted to build at first was the Mercedes-Benz of China. Although he had to start from a low-end car in order to survive, he never gave up on his dream of entering a first-class car manufacturer. "The acquisition of Volvo is beneficial to the country and the people, and is consistent with Geely's dream." Li Shufu said, "My dream is to build the safest, most environmentally friendly, and most energy-efficient car, so that Chinese cars can travel all over the world, not the world. The car travels all over China. " Li Shufu summed up three levels of significance for the acquisition of Volvo: First, through the acquisition of Volvo opened up a channel for Chinese cars to go to the world; Second, it has great strategic significance for enhancing the brand of a nation and letting Chinese cars stand on the world stage; Third, it will benefit Chinese consumers. For Geely, which is still in its infancy regardless of production, sales, brand reputation and market share, the acquisition has a history of 80 years and is known as the "safest car" in the world. Volvo may make dreams a reality ahead of time. . Of course, the key to success lies in the negotiation of core intellectual property rights. This is also the biggest difficulty facing American auto companies such as General Motors and Ford in divesting European brands. As a seller, American auto companies, while divesting brands and investing in capital, must strive to maximize their interests in intellectual property and patented technologies. Li Shufu acknowledged that intellectual property negotiations are "more complicated" than the purchase price bargaining. "Volvo or Volvo, Geely or Geely" Just as the latest consensus reached by the two parties at the moment: Volvo ’s management is operating in accordance with its independent business plan. Under the new ownership framework, Volvo ’s current production and R & D facilities, union agreements and dealer network will be retained. In other words, from the perspective of technology, brand and corporate culture, Geely will intentionally maintain the inertia of Volvo's lineage, rather than "destroy" this century-old Volvo store as people think. "We still have to rely on Volvo's original team in the future, and their professionalism is much higher than ours." Li Shufu replied to the question whether Geely could send enough talent teams to manage Volvo, "Geely acquired Australian DSI and British Manganese It's been a year now for copper, and no one has been sent in. Why should anyone be sent? " Li Shufu believes that for mergers and acquisitions, the only thing that needs to change is the assessment and reward and punishment methods. After taking over DSI in Australia and Manganese Bronze in the UK, Li Shufu believes that the most important thing he has done is to jointly agree with the senior management of the foreign party on the new enterprise management system, departments and individual assessment methods. "It is equivalent to Hong Kong people ruling Hong Kong." Li Shufu said with a smile. Advantages of mixed race Geely Automobile achieved a net profit of RMB 559.5 million in the first half of 2009, although it increased by 110% compared with the same period last year, but compared with Volvo's loss, it is still a small thing. This is one of the reasons why Geely's acquisition capabilities have been questioned by the outside world. However, Li Shufu does not seem to worry about funding issues. "The stock price of Geely Automobile has rebounded from the lowest HK $ 1.50 to the current four-five yuan, which means that the market value of Geely has recovered from HK $ 3 billion to HK $ 30 billion." It is also reported that many banks and funds are willing to "escort" the acquisition. "There are too many people who come to the door to invest." Li Shufu said, "We don't need anyone's money, it still depends on the persistence of capital investment." People also doubt Geely's digestive ability. After Volvo is acquired, will it become a vase or a burden? "We cannot simply listen to the guidance of others, we have our own research on this matter." Li Shufu said. In his vision, Volvo has a brand and technology, and Geely uses its deep understanding of China to help Volvo reduce manufacturing costs and open the Chinese car market. Li Shufu took Geely's acquisition of an Australian gearbox company as an example. Australian DSI used its technology to produce automatic transmissions in China, and felt that the equipment investment would be 1 billion yuan, but in China, 500 million yuan was completed. "They don't believe it, they lack the understanding of China's manufacturing advantages and China's costs." Li Shufu said. In the eyes of many car critics, this improper acquisition was met with ridicule. But in Li Shufu's eyes, it is precisely the merger itself that will create a real advantage. "Surely there will be cultural differences, but if guided well and used properly, there will be a hybrid advantage." Li Shufu said, "Because of this difference, from different perspectives, there must be different opinions, just for the decision-making of the enterprise. help." "Humans will give birth to dementia if they only marry within the ethnic group, and so will enterprises." Li Shufu said. FTTH Fiber Optic Splice Tray is designed to provide a place to store the fiber cables and splices and prevent them from becoming damaged or being misplaced. It is also called a splice enclosure or splice organizer. This device does not contain any technical functions, and the design is simple. 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"If Geely's acquisition is successful, Volvo will still be the original Volvo, Geely will still be Geely, except that the boss has been replaced by Li Shufu." Li Shufu said, "This will be two completely independent brands."
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