AutoBeta(AutoBeta.net)02/21 Report--

Qoros officially announced that, based on the need of globalization strategy, Kazuo Yashima, former global new energy director of Nissan-Renault Alliance, was formally appointed as Qoros CEO (president), while Mr. Li Feng, executive vice president of Baoneng, no longer served as Qoros CEO (president).

In addition, Qoros also hired three other Japanese auto executives, including the former global director of Nissan-Renault Alliance vehicle interconnection technology, Giant Hara, who served as Qoros COO (Chief operating Officer) and assisted CEO in charge of Qoros's internal operations and management. Toshiro Hirai, former head of vehicle development at Infiniti, served as Qoros CO-CTO (joint technical officer), responsible for the research and development of new energy vehicles. Liu Qiang, a former Nissan expert, served as vice president of Guanzhi Automotive, responsible for commodity planning, vehicle life cycle management and project management.

It means that Qoros, which is in the hands of Baoneng, has been fully "de-Sinochem" in terms of senior management, which is fully controlled by the Japanese auto executive team.

As for the introduction of the Japanese executive team, Quan Zhi Automobile said that it is based on the strategic needs of globalization and a major strategic decision to meet the needs of the reform of the automobile industry and the development of its own strategic goals. through the introduction of the "craftsman spirit" and fine management concept of the Japanese automobile industry, the most advanced and cutting-edge R & D resources and technologies in Japan are introduced. The aim is to further enhance the international level, technical research and development capabilities, system construction capabilities and management capabilities of Quan Zhi Automobile, create a management team with international vision, and strengthen Quan Zhi's independent middle and high-end brand positioning.

Founded in 2007, Qoros was originally jointly owned by Chery and Quantum, an Israeli quantum company, a subsidiary of Kenon Holdings, with each holding 50 per cent. At the end of 2017, Baoneng officially entered Guanzhi, acquiring a 51% stake and a controlling stake in Guanzhi Automobile at a price of 6.5 billion yuan. In February, Baoneng bought a 12 per cent stake from Kenon Holdings, a foreign shareholder, for 1.56 billion yuan, increasing Baoneng's share in the company's shareholding structure to 63 per cent. At this point, the shareholding structure of Guanzhi Motor is 63%, 25% and 12% respectively held by Baoneng, Chery and Kenon Holdings.

Quan Chi sold only 15000 vehicles for the whole of 2017, but sales figures were particularly good last year, with year-on-year explosive growth. According to data, Qoros sold 63179 vehicles in 2018, an increase of 320% compared with 2017. But in fact, the skyrocketing sales of Qoros are only "self-production and self-sale". It is reported that Quan's sales mainly come from bulk orders from Baoneng affiliated companies, and the two sides signed a procurement agreement after Baoneng entered Guanzhi. Baoneng's affiliated companies have purchased vehicles from Qoros for shared travel services since 2017, with plans to purchase 15000 vehicles in 2017 and 95000 in 2018. It is planned to purchase 100000 vehicles per year in 2019 and 2020.

Last year, the surge in Qoros sales did not improve its revenue, with data showing that Qoros's loss increased to 621 million yuan in the third quarter of 2018, with a total loss of 1.362 billion in the first three quarters of 2018, up 123 percent from a year earlier. It was Quan Chi's 31st consecutive quarterly loss and its 16th consecutive quarterly loss since it officially began selling cars in 2014. According to incomplete statistics, the total cumulative loss since its establishment has reached about 12.4 billion yuan.

More than ten years after its establishment, Guanzhi Motor once came to the brink of bankruptcy. Fortunately, Bao Neng brought capital to the owner at the end of 2017, which saved Guanzhi. Last year, Li Feng, president of Guanzhi Automobile, said: "now that Qoros has the endorsement of high-end brand and capital, Baoneng's investment of 6.5 billion yuan is only the first step. Baoneng plans to spend at least 10 billion yuan a year to support Qoros Automobile for product research and development."

When it comes to Baoneng, a big financier, Qoros has the hope of making a comeback, but last year, apart from the concept of a "surge in sales," there was no big move, and now it has yet to gain a foothold at home, and it seems to have set its sights on overseas markets. The introduction of the Japanese executive team also explained that it was "based on the strategic needs of globalization". Can the "craftsman spirit" and meticulous management philosophy of the Japanese auto industry drive the long-depressed Qoros?

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