The new generation of K5 Kaiku flat and low, the fourth-generation Jiahua is unfavorable, and the Dongfeng Yueda Kia, which has struggled for a long time, seems to be unable to recover. Data show that in September this year, Dongfeng Yueda Kia sold 13,234 new cars, and the annual cumulative sales were less than 120,000, a 17.63% drop from the same period last year.

　　"The house leaks in the night rain, and the boat meets the wind again later." Recently, a source close to Dongfeng Motor revealed to “Car One” that Dongfeng Motor Group Co., Ltd. (hereinafter referred to as Dongfeng Motor) will withdraw from Dongfeng Yueda Kia next year. If there is no accident, Dongfeng Motor’s The equity of Hyundai-Kia may take over.

　　As of the publication of "Che Yi Tiao", this statement has not been officially confirmed by Dongfeng Group. However, according to common sense analysis, Dongfeng Renault and Dongfeng Yulon are before the disintegration, and it is indeed a realistic problem how to maintain and increase the value of state-owned assets of the central enterprise Dongfeng Group, as for the “difficult households” such as Dongfeng Yueda Kia and Shenlong.

　　Although Dongfeng Motor’s intention to withdraw from Dongfeng Yueda Kia is unexpected, it is reasonable, because unlike Dongfeng Co., Ltd. and Dongfeng Honda, Dongfeng Yueda Kia is not a direct joint venture of Dongfeng Motor. This is from the name of the company. It can be reflected that this is also the reason why Dongfeng Yueda Kia base camp has not taken root in Hubei.

　　Dongfeng Yueda Kia was established in 2002 as a joint venture of Dongfeng Motor, Jiangsu Yueda Investment, and Korea Kia Co., Ltd., among which Dongfeng Motor and Jiangsu Yueda Investment each hold 25% of the shares and Kia holds 50%.

　　As for the internal operations of Dongfeng Yueda Kia, Dongfeng Motor is far from being as caring as expected. Since the shareholding ratio is only 25%, and the business base has been shrinking year after year, Dongfeng Yueda Kia is an additional item for Dongfeng: When Kia is selling well, it is enough to share a piece of the pie. When Kia breaks down, there is no need to fight to rescue. .

　　Of course, the share ratio determines the right to speak. Dongfeng Motor, which only accounts for 25% of the shares, does not have much right to speak within Dongfeng Yueda Kia. Dongfeng Motor is unable to rescue it, not to mention Dongfeng Motor has no good ideas.

　　Data shows that since the establishment of the joint venture, Dongfeng Yueda Kia has continued to achieve steady sales growth in the terminal market by virtue of its high cost-effective products, and reached a historical peak in 2016, with annual sales reaching 650,000 vehicles.

　　But unexpectedly, this was just a flash of inspiration. By 2017, Dongfeng Yueda Kia ushered in a cut, with annual sales shrunk to only 359,500 units, and then declined year after year. Today, only cumulative sales in the first 9 months of this year 129712 new cars.

　　There is no doubt that Dongfeng Yueda Kia has suffered losses for a long time, and the continued losses even dragged down the shareholders. According to the third quarter report released by the listed company Yueda Investment, the company achieved revenue of 2.839 billion yuan and a net loss of 520 million yuan in the first three quarters. The loss continued to expand compared with last year, while the market value of Yueda Investment was only 3.2 billion yuan.

　　Of course, Dongfeng Motor will not be dragged down, but instead of struggling with it, it’s better to retreat.

　　"Car One Article" understands that when Dongfeng Motor exits, the 25% equity held by Dongfeng Motor will be taken over by Hyundai Kia, which means that Dongfeng Yueda Kia will become another joint venture that enjoys the "equity liberalization" policy. Companies, but at present, Hyundai Kia is not a bonus.

　　But if you take a long-term perspective, it is still unknown whether the Kia brand has any hope in China in the future.

　　It should be noted that if Dongfeng Motor exits, Dongfeng Yueda Kia will inevitably change its name in the future, and if it does not introduce other Chinese shareholders (high probability event), the new company will most likely be called Kia Yueda.

　　According to "Car One Article", the reason why Dongfeng Motor is eager to divest non-performing assets is that on the one hand, it is not able to control Dongfeng Yueda Kia due to its relatively low equity, and it is not confident enough that Dongfeng Yueda Kia’s future development can turn crisis into safety. On the one hand, it is due to Dongfeng Motor's plan to develop its own sector.

　　In the first half of last year, without any warning, Dongfeng Renault disbanded, and the Renault brand has since withdrawn from the Chinese market. Obviously, Dongfeng Motor has no regrets. With the Dongfeng Renault production base as its source, Dongfeng Motor quickly deployed a new high-end brand Lantu. Now Jinlantu has achieved little success. It can be thought that Renault’s departure caused Dongfeng Motor to lose sesame seeds and pick up watermelons.

　　After Lantu, Dongfeng Motor has already started the construction of a new high-end off-road vehicle brand. It seems that the abandonment of Dongfeng Yueda Kia is the same as before. Nowadays, the situation of Dongfeng Yueda Kia is much worse than that of Dongfeng Renault.

　　It is not just Dongfeng Yueda Kia. According to people familiar with the matter, if Shenlong’s recovery is still delayed, it is not ruled out that Dongfeng Motor will withdraw from Shenlong Motors one day in the future. On the one hand, the performance of Shenlong Motors is better than that of Dongfeng Yueda Kia. It was miserable, and the introduction of models was not accepted by Chinese consumers. On the other hand, PSA also had the idea of ​​independently operating Shenlong, which coincided with the liberalization of the stock ratio, and the two parties were better off.

　　Indeed, for Dongfeng Motor, the divestiture of non-performing assets is conducive to the full development of its own brand, which is more beneficial to the long-term development of the company; for foreign auto companies, although it seems that they are buying chicken feathers, they are self-explanatory. This will no longer be left to others, and the benefits for the future development of the company in China will also outweigh the disadvantages. Of course, the premise is that it can understand Chinese consumers at the product level, otherwise it will only worsen the "condition".