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Major change! Change of chairman of a joint venture company one day

2024-04-13 Update From: AutoBeta NAV: AutoBeta > News >

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Tianyan check information shows that on January 11, industrial and commercial changes took place in FAW Toyota Motor Co., Ltd., Xu Liuping stepped down as legal representative and chairman, and Qiu Xiandong took over.

Data show that Qiu Xiandong was born in November 1969 in Guangshui, Hubei Province. In 1993, Qiu Xiandong majored in forging technology and equipment in the Department of Mechanical Engineering of Tsinghua University, and graduated from the School of Economics and Management of Tsinghua University. In July of the same year, he joined Dongfeng Automobile Industry Finance Company.

As a veteran of the automobile industry, Qiu Xiandong has held many positions in the automotive field. From 1993 to 2017, Qiu Xiandong mainly worked in Dongfeng Automobile Group. Qiu Xiandong has served as director of the financial branch, deputy general manager and finance minister and executive deputy general manager of the Financial Planning Department of the Dragon Company since August 2001, and served as the general manager of the Dragon Company in October 2012. In August 2016, he was appointed vice president of Dongfeng Automobile Group Co., Ltd.

Xu Liuping was born in October 1964 in Yangzhong, Jiangsu Province. he graduated from Beijing Institute of Technology, majoring in Management Science and Engineering, with a doctorate degree in Management and a senior engineer at the research level. He joined Communist Party of China in January 1987 and worked in June 1988. He has held a number of positions and has a rich resume.

In February 2023, Xu Liuping stepped down as chairman and party committee secretary of China first Automobile Group Co., Ltd., and was transferred to the all-China Federation of Trade unions as party secretary of the all-China Federation of Trade unions. At the end of August 2023, FAW officially announced that Qiu Xiandong was appointed chairman and party secretary of China first Automobile Group Co., Ltd., and was relieved from his post as general manager of China first Automobile Group Co., Ltd. Tianyan check information shows that in October 2023, China first Automobile Group Co., Ltd. and China first Automobile Co., Ltd. have changed their legal representative and chairman. Xu Liuping stepped down and Qiu Xiandong took over.

FAW Toyota Motor Co., Ltd. is a Sino-Japanese automobile enterprise jointly built by China first Automobile Co., Ltd. and Japan Toyota Motor Co., Ltd.

FAW Toyota Motor Co., Ltd. was established in June 2000, located in Tianjin, formerly known as Tianjin FAW Toyota Motor Co., Ltd., with registered capital and paid-in capital of US $3.293105022 billion, is an enterprise mainly engaged in automobile manufacturing. The company is jointly owned by China first Motor Co., Ltd., Toyota Motor Co., Ltd. and Toyota Motor (China) Investment Co., Ltd., of which China first Motor Co., Ltd. holds 50% of the shares and is the controlling shareholder.

As Toyota's first joint venture in China, FAW Toyota has built vehicle manufacturing plants in Sichuan, Tianjin and Changchun, with a total planned capacity of 940000 vehicles. However, in the context of electrified transformation, the overall effectiveness of joint venture brands, including FAW Toyota, is not obvious.

In November 2023, it was revealed that FAW Toyota would help dealers ease inventory and financial pressure by reducing production. Subsequently, FAW Toyota said in a "letter to FAW Toyota dealer partners" that FAW Toyota would significantly reduce production to February 2024 due to dealer inventory pressure and financial pressure. According to the plan, under the premise that FAW-Toyota has slashed production in October and November, production from December to February 2024 will continue to adjust sharply downwards. from the point of view of the perception of dealers, the distribution will be adjusted down to 66000 in December and to 60, 000 and 38000 in January and February 2024. In this regard, FAW Toyota said that the adjustment of production is intended to ease the pressure on dealers and ensure the quality of terminal sales. In short, the reason behind FAW-Toyota's production reduction is to improve the inventory pressure and financial pressure of dealers.

2023 is the 20th anniversary of FAW Toyota. FAW Toyota set a sales target of 1.02 million vehicles in 2023, but it did not achieve its target as scheduled.

According to the FIFA data, only two Japanese manufacturers, Guangzhou Automobile Toyota and FAW Toyota, entered the top 10 in 2023, ranking 6th and 9th respectively, of which Guangzhou Automobile Toyota fell 7.3% to 901000 vehicles compared with the same period last year. FAW Toyota increased slightly by 0.3% to 802000 vehicles.

At present, FAW Toyota has only two pure electric models, bZ4X and bZ3, but these two models have failed to show satisfactory market performance. Retail data show that bZ4X sold 7167 vehicles in 2023, compared with 11 in December, while bZ3 sold 25927 vehicles in 2023 and 1537 in December.

Under the background that new energy vehicles occupy more and more market share, Japanese joint ventures, which started relatively late in the transformation of new energy vehicles, are falling into a situation of sluggish sales, which also leads to many challenges in the transformation. At present, FAW Toyota urgently needs to make substantive changes with faster speed, and "how to occupy a place in the electric era" is an urgent problem to be solved.

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