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Liquidation and cancellation of GAC GROUP holding subsidiary!

2024-06-19 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/09 Report--

GAC GROUP issued a notice on June 8 that the company's board of directors examined and passed the "motion on liquidation and cancellation in the GAC era" and agreed to liquidate and cancel the holding subsidiary GAC era Power Battery system Co., Ltd. (hereinafter referred to as "GAC era") in accordance with the relevant provisions of existing laws and regulations due to changes in the market environment and the development and progress of battery production technology.

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In July 2018, GAC GROUP announced that the company intends to jointly establish and operate a market competitive power battery system products company with Ningde era. According to the plan, the joint venture company is mainly engaged in the development, production and sales of power battery systems, technology development, technology transfer, technology consulting and technical services in the field of power battery expertise. GAC GROUP said that the joint venture will meet the demand for automotive power battery products from both sides, with profitability and sustainable development as its long-term goal.

In December 2018, GAC Times Power Battery Systems Co., Ltd. was established with a registered capital of Rmb100m, chaired by Tan Libin (chief customer officer of Ningde era and co-president of market systems), and vice chairman Gu Huinan (general manager of GAC Ean New Energy). Founded by GAC GROUP and Ningde era, of which Ningde era holds 49%, GAC Ean New Energy and GAC GROUP hold 26% and 25% respectively.

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While establishing Guangzhou Automobile Times Power Battery system Co., Ltd., GAC GROUP also established a joint venture with Ningde Times to establish time Guangzhou Automobile Power Battery Co., Ltd., with a registered capital of 2 billion yuan, of which Ningde Times holds 51%. GAC Ean New Energy and GAC GROUP hold 6% and 43% respectively.

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Generally speaking, both GAC era and time GAC were established in December 2018. The former is controlled by GAC GROUP and is committed to the development, production and sales of power battery systems, while the latter is controlled by Ningde Times and focuses on the development, production and sales of power battery products. GAC GROUP said that the signing of the joint venture contract and the establishment of the joint venture company will help deepen the cooperation between the company and the Ningde era, achieve a stable supply of major parts of new energy vehicles, and reduce the procurement cost of major parts. promote the development of the company's new energy vehicles and enhance the comprehensive competitiveness of the company's products.

In 2018, new energy vehicles have not yet improved, and the cooperation between GAC GROUP and Ningde era is indeed mutually beneficial and win-win, but by 2021, changes in the market have also made more and more car companies change their attitudes. Ningde era has become the world's leading power battery supplier, with enough say, coupled with skyrocketing battery raw material prices, many car companies are "dumb eating Coptis chinensis".

At the 2022 World Power Battery Congress, Zeng Qinghong, chairman of GAC GROUP, openly joked: "I would like to thank our partner Ningde era, GAC has half of its installed capacity and Ningde matching, and the power battery cost has accounted for 40% to 60% of the car cost, I am now working for the Ningde era."

Zeng Qinghong mentioned that with the rapid development of demand for new energy vehicles, raw materials for power batteries have skyrocketed, and the price of lithium carbonate has risen to 515000 yuan per ton this year, an increase of more than 10 times a year. He suggested that at the national level, the supervision, guidance and overall coordination of the battery industry should be strengthened, the imbalance between supply and demand should be improved, and the price should be adjusted back to a reasonable range. At the same time, in order to reduce the pressure caused by rising battery costs, Zeng Qinghong revealed that "GAC GROUP is already making batteries and is still considering buying lithium mines."

Less than a month after Zeng Qinghong publicly complained, GAC GROUP set up Green Rock Battery Company and invested 10.9 billion yuan to carry out battery industrialization. According to the announcement, GAC GROUP will set up a new Green Rock Battery Company as the main body of the self-produced battery project. The initial registered capital is 1 billion yuan, and the holding subsidiary GAC Ean, wholly-owned subsidiary GAC MOTOR and GAC business and trade contributed 510 million yuan, 400 million yuan and 90 million yuan respectively, with a shareholding ratio of 51%, 40% and 9% respectively. The source of funds was co-ordinated by GAC GROUP. According to the plan, the industrialization of independent batteries will start construction by the end of 2022, and the 26.8GWh production line will be completed by 2025, which can cover the market demand of pure electricity and hybrid models.

At the same time, GAC GROUP also agreed to take a stake in the next investment plan of Guangzhou Juwan Technology and Research Co., Ltd., spending 3.69 billion yuan to mass produce cells, modules and PACK systems for extremely fast rechargeable power batteries. On December 11, 2022, GAC's Yinpai Battery Technology Co., Ltd. officially started construction. The planned capacity of the new battery plant is 60GWh, which can meet the demand for 600000 new energy vehicles, while the maximum capacity of GAC's two major plants is 600000. After the plant was put into production, GAC Ean achieved battery self-sufficiency.

Recently, Juwan Technical Research released a new self-developed Juwan Phoenix battery, which focuses on 8C extremely fast charging scene, which can charge 0-80%SOC in only 6 minutes, which is close to the energy replenishment efficiency of fuel vehicles. Pei Feng, president of Juwan Technical Research, revealed that Juwan Technical Research has planned capacity layout in five regions of the country. Each base corresponds to an annual production capacity of 20G Wh to 40G Wh. The total production capacity is expected to reach 120G Wh in 2025. The first one to be put into use will be the Juwan Technical Research (Nansha) energy storage device and system production base, with an annual capacity of 8G Wh. Juwan Phoenix battery will also achieve mass production in Nansha next year. The construction of another base will be launched this year.

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