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"Facts have proven that we had some of our business transferred to China a few years ago and it was the right choice. The tires produced in China are very competitive in the US market. Even with the transportation costs included, the retail prices of these tires are still lower than those produced in Ohio. The ex-factory price is even lower,†said Scott Tucker, vice president of Danman Tire Manufacturing Co. in Ohio.
As the prices of raw materials such as steel and petroleum have risen sharply, more and more multinational companies like Danman have attached importance to the Chinese market. According to a recent market research conducted by BearingPoint Management Consulting, with a large number of major auto parts suppliers such as Delphi, Visteon, Tianhe, and Lear expanding investment in China, by 2010, China will be in the scale of the existing parts supply industry. Based on the increase of 165%, it will reach a scale of about 800 billion yuan, which will become the largest investment absorber in the global parts and components industry.
Transnational Giants in China
In recent years, multinational companies have established numerous joint ventures or wholly-owned parts and components companies in China. They have occupied a large share in the parts and components market, especially in high-end markets with high technological content, and have shared the results of high growth in China's auto industry.
Delphi Corporation, which filed for bankruptcy protection in the United States, has a thriving business in China. It now has 14 parts manufacturing plants with a total investment of more than 450 million U.S. dollars and produces more than 40 major categories of products. Since 1994, Delphi has grown rapidly in China at an average annual rate of 24%. Last year, China’s consolidated financial statements exceeded 600 million U.S. dollars. The Chinese market has always been a very important growth point for Delphi.
Another North American parts giant, Visteon, has a joint venture company in Shanghai, Yanfeng Visteon Automotive Trim Systems Co., Ltd., with a total investment of US$ 223 million. It has a production base in Shanghai Anting and also controls Shanghai Yanfeng Johnson Controls Seating Co., Ltd. Wait. Its Asia Pacific headquarters was established in Shanghai the year before last. In April of last year, Visteon Alliance SAIC Group and Dongfeng Group established a Dongfeng Visteon joint venture in Shanghai.
Bosch GmbH is one of the first component giants to enter China. It has established 10 representative offices, 4 trading companies and a trade representative office, 7 wholly-owned enterprises and 10 joint ventures in China. The products are widely involved in electricity. Spray, ABS, control and transmission systems and other fields. Bosch also established a joint venture with Weifu Hi-Tech to establish Bosch Automotive Diesel Systems, investing 600 million euros in Euro III emission diesel injection system projects.
As Japanese auto makers marched into the Chinese market in large scale, their parts and components suppliers also followed the steps of the automaker to transfer production bases to China. After Toyota established a joint venture in Tianjin, its accessory manufacturers Denso and Aisin Seiko also set up factories in Tianjin. After Honda established a joint venture in Guangzhou, a large number of Japanese parts companies have established in Huizhou, Foshan and other places in Guangdong. The production base; After the joint venture of Dongfeng and Nissan, the Japanese spare parts company that was originally supported by Nissan also immediately entered Hubei and other provinces.
China becomes a low-cost transfer target
Global procurement has prompted parts and components companies to increasingly separate themselves from vehicle companies and embark on an independent, large-scale development path. Delphi and Visteon were spun off from GM and Ford, respectively, from simply supplying a car company to becoming global, and the business scale has been expanded.
However, independent suppliers also face many problems. The continuous increase in the prices of raw materials in the world has increased the production costs of parts and components manufacturers, and it has not been able to pass on the costs to vehicle manufacturers. This has made it difficult for them to escape losses or even bankruptcy. For example, Delphi’s operating income in the second quarter of 2005 was only US$7 billion, a decrease of US$500 million from the same period of last year, and the profit was in huge losses of US$338 million. Many North American parts and components suppliers have gone bankrupt or are in trouble.
Under such circumstances, the globalization of the automobile industry chain has become increasingly prominent. More and more multinational companies have shifted their labor-intensive products in the parts and components industry to low-cost countries and regions. The huge development prospects of the Chinese auto market and the competitive advantages of low-cost products have made foreign parts and components traders transfer their production bases to China as the most viable option. As a result, numerous parts and components suppliers have targeted China, like Danman Tire Manufacturing Co., or set up production bases in China, or include China in global procurement targets, or establish technology R&D centers in China, and even the headquarters in Asia Pacific. Relocation or establishment in China.
Boost the integration of Chinese companies into globalization
According to statistics, there are nearly 500 parts and components companies that foreign investors currently invest in China. Almost all of the world’s leading auto parts companies have established joint ventures or wholly-owned enterprises in China. Although these companies are still mainly focused on satisfying domestic demand, with the expansion of their domestic production scale and the improvement of research and development capabilities, the scale of the international market for product exports is also expanding.
At the same time, under the pressure of lowering procurement costs, multinational companies have turned their attention to China from international procurement, and have established global procurement centers in China. GM, Ford, and Volkswagen have established procurement centers in China. So far, the amount of parts and components purchased by multinational companies in China has exceeded US$5.5 billion, most of which are provided to joint ventures in China, and some of them are also used by multinational companies. Last year, U.S. General Motors, Ford Motor Co. and Chrysler Motors announced plans to purchase more than 10 billion U.S. dollars worth of parts and components in China.
These actions have, on the one hand, benefited multinational corporations in reducing their procurement costs. On the other hand, they have also, to a certain extent, promoted the domestic enterprises to embark on the road to globalization more quickly. There are many domestic enterprises that are through the global procurement of multinational companies and have obtained the opportunity to export products or provide support to foreign companies.