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The Eve before the New Deal of Automobile Industry Investment: Tesla Landed in China

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[Abstract]:
On October 17, according to the official website of Shanghai Land Market, Tesla (Shanghai) Co., Ltd. acquired 864885 square meters (1297.32 mu) of industrial land in Shanghai Lingang Equipment Industrial Zone Q01-05 for 973 million yuan, and formally signed a land transfer contract with Shanghai Planning and Land and Resources Management Bureau. It is understood that the region has now officially begun to clean up. Field staff said that the ground cleaning work in the site was nearing the end, and then waited for foreign construction teams to enter the site. This means that Tesla's plan to build a factory in Shanghai is substantially landed. 

  On October 17, according to the official website of Shanghai Land Market, Tesla (Shanghai) Co., Ltd. acquired 864885 square meters (1297.32 mu) of industrial land in Shanghai Lingang Equipment Industrial Zone Q01-05 for 973 million yuan, and formally signed a land transfer contract with Shanghai Planning and Land and Resources Management Bureau.           

    It is understood that the region has now officially begun to clean up. Field staff said that the ground cleaning work in the site was nearing the end, and then waited for foreign construction teams to enter the site.

 

  This means that Tesla's plan to build a factory in Shanghai is substantially landed.

 

  As early as July this year, Tesla signed a pure electric vehicle project investment agreement with the port-vicinity Management Committee and the port-vicinity group. According to the plan, Tesla Super Factory, which produces 500,000 pure electric vehicles per year, will officially settle in the port-vicinity area of Shanghai, and Shanghai Port-vicinity Factory will become the first super factory outside Tesla Latin America.

 

  According to the content of the agreement, Tesla will build a Tesla Super Factory in the form of sole proprietorship, which integrates R&D, manufacturing, sales and other functions in the port-vicinity area. It covers the R&D and innovation center of electric vehicles, Tesla Super Factory, Tesla Sales China Branch and so on.

 

  China is Tesla's largest market outside the United States. Data show that the Chinese market contributed about 17% of Tesla's total revenue in 2017, with an estimated annual sales of 15,000 vehicles in China.

 

  Tesla's domestic price is expected to decrease. In early October, Tesla China said: "The cost of importing by sea plus import tariffs will be 55% to 60% higher than the cost of locally produced cars. Once domestic production is started, Tesla models will be free of tariff worries and domestic consumers will no longer have to pay for import tariffs.

 

  In fact, under China's current regulations on investment management in the automotive industry, investment in Shanghai is only the first step taken by Tesla's "fearless ship" and "settle down" in China, and there is still a long way to go before it is truly domestically produced.

 

  For Tesla, the final important step is to formally promulgate the "Regulations on Investment Management of Automobile Industry".           

On July 4, the Development and Reform Commission issued the Regulations on Investment Management in the Automobile Industry (Draft for Opinions), which is hereinafter referred to as the Draft for Opinions) and solicited opinions from the public.           

On September 1, Nian Yong, Director of the Industrial Coordination Division of the Development and Reform Commission, said at the International Forum on the Development of China's Automobile Industry (Teda): "The Regulations on Investment Management in the Automobile Industry" will be promulgated and implemented soon. However, so far, this decisive provision has not been officially promulgated.           

Tesla's "settlement" is not easy

 

  On June 28, the National Development and Reform Commission (hereinafter referred to as the "Development and Reform Commission") and the Ministry of Commerce jointly issued the "Special Management Measures for Foreign Investment Access (Negative List) (2018 edition). The negative list clearly points out that the automotive industry has abolished the restrictions on foreign capital share ratio of special vehicles and new energy vehicles, as well as the restrictions on the number of new energy enterprises set up by foreign capital.           

This means that Tesla can set up a wholly-owned new energy passenger car company in China as long as it meets the requirements. However, according to China's current policy documents, Tesla still faces difficulties in settling down in China.

 

  "At present, the new pure electric passenger car project is approved by the National Development and Reform Commission. At the same time, the Development and Reform Commission has issued documents, suspended project approval, and has not yet resumed. At present, the basis for approval is still the "Regulations on the Management of New Pure Electric Passenger Vehicle Enterprises" implemented on July 10, 2015 and the "Regulations on the Management of New Energy Vehicle Production Enterprises and Product Access" implemented on July 1, 2017. According to relevant policies, it is clear whether Tesla can obtain production qualification in China. A senior expert in the automotive industry said in an interview with 21st century economic reporter.           

According to the Regulations on the Management of New Pure Electric Passenger Vehicle Enterprises, the qualifications for investors of new enterprises include: registration in China, self-owned capital scale and financing capacity suitable for project investment, complete R&D experience of pure electric passenger vehicle products from conceptual design, system and structure design to prototype development, test and finalization; The vehicle trial production capacity, with complete pure electric passenger car prototype production conditions; Self-trial production of the same type of pure electric passenger car prototype number of not less than 15, in line with the relevant standards and meet the required technical requirements.

 

  Its core requirement is that the new pure electric passenger vehicle project needs to use the local enterprise's own brand, and acquire R&D and innovation capabilities in China, and master intellectual property rights.           

Looking at the relevant provisions of the Regulations on New Energy Automobile Manufacturing Enterprises and Product Access Management, all new energy automobile enterprises must be enterprises that produce new energy automobiles within the territory of the People's Republic of China.           

At the same time, applications for new energy automobile production enterprises should also meet the following requirements: meet the requirements of relevant national laws, administrative regulations, regulations, automobile industry development policies and macro-control policies; applicants are automobile production enterprises that have obtained access to road motor vehicle production enterprises, or new ones that have completed investment project formalities in accordance with relevant state investment management regulations. Build automobile production enterprises.

 

  According to industry and Commerce information, Tesla (Shanghai) Co., Ltd. was granted a business license by Shanghai Pudong New Area Market Regulatory Bureau on May 10 with a registered capital of 100 million yuan and TESLA MOTORS HK LIMITED (Tesla Automobile Hong Kong Co., Ltd.) as its wholly-owned shareholder.           

Its business scope includes: engaged in technology development, technical services, technical consultation, technology transfer in the field of electric vehicles and parts, batteries, energy storage equipment, photovoltaic products, wholesale, commission agency (except auction) and import and export business of the same kind of commodities, and providing related supporting services, exhibition and product promotion of electric vehicles.           

In addition, Tesla Automobile (Beijing) Co., Ltd. (formerly known as Tuoluo Vehicle Sales (Beijing) Co., Ltd.) has just been officially licensed on September 18. The company's business scope includes as the general distributor of Tesla brand automobiles in China, engaging in sales of Tesla brand automobiles and their automotive parts, etc.           

"The new investment management regulations will be issued soon, and the approval of new energy projects will be more stringent than the"Regulations on the Management of New Electric Passenger Vehicles". Secondly, the landing of Tesla projects needs to meet the relevant conditions and take time." The above industry experts said.           

From Tesla's current layout in China, it will take time for the "fearless ship" to settle down in China.

 

  Stricter approval for new energy projects           

On July 4, the Development and Reform Commission issued the Regulations on Investment Management in the Automobile Industry (Draft for Opinions), which is hereinafter referred to as the Draft for Opinions) and solicited opinions from the public.           

On September 1, Nian Yong, Director of the Industrial Coordination Division of the Development and Reform Commission, said at the International Forum on the Development of China's Automobile Industry (Teda): "The Regulations on Investment Management in the Automobile Industry" will be promulgated and implementedsoon.           

At present, one of the focuses of the new energy automobile industry is the upcoming "Regulations on Investment Management of the Automobile Industry" issued by the Development and Reform Commission, which will determine the fate of a number of new electric vehicle projects such as Tesla, and show the management ideas and methods of the Chinese government for the new energy industry in the next step.           

Of course, according to the relevant policies, the new energy automobile production enterprises must obtain two qualifications issued by the Development and Reform Commission and the Ministry of Industry and Information Technology, in order to truly possess the production qualifications of new energy vehicles, and to further large-scale production. 

 

  At present, only seven enterprises, including Beiqi New Energy, Yundu New Energy, Jiangling New Energy, Zhidou, Yangtze River Automobile, Future Automobile and Hezong New Energy, have been approved by the Development and Reform Commission and the Ministry of Industry and Information Technology.           

"Nowadays, the Regulations on Investment Management of Automobile Industry will be promulgated soon, and all aspects of the requirements are more stringent. It is even more difficult for enterprises to obtain production qualifications." According to the experts in the above industry, "For the new automobile manufacturers, they can only acquire qualifications through acquisition of enterprises, or through the way of OEM. The way of OEM is more complicated, and the way of acquisition is the most secure and feasible.           

Under the increasingly stringent situation of automobile production qualification auditing, many new automobile manufacturers can only acquire automobile qualification by acquiring "zombie automobile enterprises" curve. The ready-made case is Baiteng Yiyuan's acquisition of FAW Xiali's subsidiary, FAW Huali.

 

  Earlier, Weima Automobile acquired Dalian Huanghai Automobile Co., Ltd. and Zhongshun Automobile Holdings Co., Ltd. to produce new cars in Wenzhou's self-built factories. At the beginning of July, Electric Cafe Automobile also acquired SUV production qualification by acquiring Xihu Automobile.           

However, according to the Draft for Opinions, there are strict restrictions on obtaining car-building qualification by purchasing qualification: fuel automobile enterprises can not relocate as a whole, can only maintain production in the province; zombie enterprises will not be able to change their stock rights.           

"The final provisions should not be very different from the draft for comments." Senior insiders close to the NDRC told economic reporters in the 21st century.

 

  OEM is another way for the new forces to build cars. Through cooperation with enterprises with production qualifications and through OEM mode, we can achieve the rigid requirement of sales of 30,000 vehicles, and then formally apply for production qualifications after meeting the relevant conditions. Through the cooperation of Jianghuai Automobile Company, Weilai has taken the lead in achieving small-scale product delivery.           

However, the stipulation in the draft of "soliciting opinions" that "new independent pure electric vehicle enterprises only produce their own registered trademarks and brand pure electric vehicle products" may also have an impact on the OEM model.           

In addition, in view of the current situation of new energy project investment piled up, the new management regulations also control the total amount.           

According to incomplete statistics, there are more than a dozen new energy investment projects in Jiangsu Province alone, covering ten prefecture-level cities such as Nanjing, Changzhou, Wuxi and Suzhou; Zhejiang Province is followed by dozens of new electric vehicle enterprises such as Zero Run, Electric Cafe, Zhidou and Hezuo New Energy.

 

  "Starting from the specific national conditions, we must give the necessary constraints to investment projects, prevent the emergence of a large number of low-level blind investment tide, resulting in unnecessary huge economic losses." Wang Binggang, former director of China Automotive Technology Research Center, told 21st Century Economic Reporters.           

It is understood that the forthcoming "Regulations on Investment Management of Automobile Industry" is a major reform in the management of investment projects in the automobile industry. The most important change is to change the examination and approval system into the filing system. At the same time, it is further clarified that the local government is responsible for the filing management.           

"The new regulations have certain requirements for the provinces, districts and municipalities where the project is located. In the future, provinces, districts and municipalities will be more cautious in the approval of project filing and will choose those truly excellent and potential enterprises to support it." Finally, the industry experts said. (Source: 21st Century Economic Report)           

This means that Tesla's plan to build a factory in Shanghai is substantially landed.