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Recently, a PPT about the cooperation plan between Chery Commercial vehicle and Southeast Automobile exposed on the Internet that Chery Commercial vehicle may buy Southeast Automobile. The content shows that Southeast Motor has reached a gambling agreement with Chery and is willing to trade 80% of its equity in exchange for Chery's technical support. the core is that Chery owns Southeast Motor with technology, and Southeast Motor will transfer 80% of its stake to Chery free of charge after reaching the sales target.

According to the plan, the two sides will start cooperation in 2022, with Southeast Automobile as the main body, and Chery's new energy models labeled Southeast. At the same time, in order to improve the performance of Southeast Automobile products, the shortcut brand and network will be sold at home and abroad after changing the label, with a sales target of 24000 units. In 2023, Chery put into production three modified products for Southeast Automobile, while locally producing Southeast brand new energy or OEM Chery models, jointly achieving the sales target of 75000 units. After completing the target, Chery commercial vehicles can control Southeast Automobile. After 2024, the two sides will jointly develop three new models, achieve the sales target of 15-400000 units by 2024, and build 250000 new factories with annual production capacity. In addition, the two sides will complete sales of 3.06 million vehicles in the next 10 years, with revenue reaching 273 billion yuan, which will drive parts and related industries worth 217.8 billion yuan, totaling nearly 500 billion yuan.

Regarding the PPT content, Southeast Motor said, "there is no relevant information disclosed at present." At the same time, Chery Jetway insiders responded that "there is indeed an internal adjustment plan, but do not know that the partner is Southeast Motor." According to a Chery Group insider, "the group is self-investigating the source of this information leak, and it is not convenient to disclose more information."

Data show that Southeast Automotive Industry Co., Ltd. was established on November 23, 1995. It is jointly established by Fujian Automotive Industry Group Co., Ltd. (hereinafter referred to as "Fuqi Group"), Warwick Co., Ltd. (hereinafter referred to as "Warwick Co., Ltd.") and Japan Mitsubishi Automotive Industry Co., Ltd. (hereinafter referred to as "Mitsubishi Automobile"). Among them, Fuqi Group holds 50%, and the other two companies each hold 25%. On April 29, 2021, Southeast Motor changed its equity, and Mitsubishi Motors, which originally held 25%, withdrew, which was taken over by Fuzhou Transportation Construction Investment Group Co., Ltd. (hereinafter referred to as "Fuzhou Stock Exchange"). On August 29, the equity of Southeast Automobile was changed again, and Minhou County Construction Investment Group Co., Ltd. (hereinafter referred to as "Minhou Construction Investment") bought shares in Southeast Automobile. According to Tianyan investigation, Southeast Motor is currently jointly owned by Fuqi Group, Fuzhou Exchange, Warwick shares, and Minhou Construction Investment, of which Fuqi Group holds 37.6%. According to equity penetration, Fuqi Group is 100% controlled by the State-owned assets Supervision and Administration Commission of the Fujian Provincial people's Government, and Fuzhou Stock Exchange is 100% controlled by the Fuzhou Municipal people's Government State-owned assets Supervision and Administration Commission. And Warwick shares is Zhonghua Motor, a subsidiary of Yulong Group.

From the perspective of development time, Southeast Automobile is an established independent car company. At the beginning of its development, it introduced the vehicle manufacturing technology of Mitsubishi Automobile through Taiwan China Automotive, and became one of the most concerned automobile enterprises in China. In 2000, Southeast Motor launched its first compact SUV Fuli card. In 2003, Lingshuai, the first car of Southeast Automobile, was put on the market. In 2006, Mitsubishi Motors bought a stake in Southeast Automobile, handing over the R & D, manufacturing, sales and after-sales business of imported Mitsubishi cars to Southeast Automobile. Southeast Motor has obtained the support of Mitsubishi vehicle manufacturing research and development, and successively introduced products including Goran, Lancer, Yeshen, Junge, Fengdisi and other products, while Southeast Motor has independently developed Ling Shuai, Ling Gentry, Lingli and other models based on Mitsubishi Motors. Under the influence of products and word-of-mouth, Southeast Motor reached an all-time peak in 2013, with annual sales of 116000 vehicles. However, with Mitsubishi and Guangzhou Auto-Mitsubishi joint venture, Mitsubishi will focus on the development of GAC-Mitsubishi, while Southeast Mitsubishi joint venture models gradually delisted. Without Mitsubishi's Southeast Motor, the market continues to deteriorate. Data show that the cumulative sales of Southeast Automobile from 2018 to 2021 are 89279, 30502, 14654 and 8426 respectively.

As for Chery Commercial vehicle (Anhui) Co., Ltd., which was established on May 24, 2001, it is a wholly owned subsidiary of Chery Holdings Group Co., Ltd., which has two major brand series: Kailui and Jetway. The Jetway brand was officially launched in January 2018, which belongs to Chery Holdings Group. After its launch, the first model, the Jetway X70, became popular by virtue of its accurate market positioning and high performance-price ratio, and its sales continued to exceed 10,000, becoming a dark horse in the SUV market. At the beginning of 2019, the brand set a sales target of 150000 vehicles, but the actual sales were only 138000, which failed to meet the target. In 2020, Jettos set a target of 200000 vehicles, but due to the epidemic and market impact, the brand sold only 130700 vehicles, which also failed to meet the annual target. On July 8, 2021, the Jetway brand was upgraded to Jetta Automobile, becoming one of the three major brands on a par with Chery and Xingtu, which also means that Jetway is no longer a Chery product line, but an independent car brand. According to the data, the Jetway sold a total of 154077 vehicles in 2021.

At present, it is uncertain whether it is rumored that Chery Commercial vehicle will cooperate with Southeast Automobile. In Chery Holdings, the sales volume of Jetta Motor is second only to Chery Automobile. In the face of increasing market competition, Jetta does need to participate in some cooperation to improve its scale. As to whether it will choose Southeast Automobile or not, and why it chooses Southeast Automobile, I believe it has also been thoroughly investigated internally. For Southeast Automobile, its current sense of existence in the market is not strong, lack of core technology and core products, and Chery, known as the "technical man", naturally has certain technical strength, if Southeast Automobile chooses to cooperate with it, or it may be based on this consideration. From the perspective of the industry, the merger of strong enterprises has become the main theme of the automobile industry. Since 2020, many car companies have been in trouble and have been acquired by strong independent brands in the form of trusteeship, restructuring or bankruptcy, such as Cheetah and Lifan.

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