·The prospect of component companies involved in the whole vehicle manufacturing industry is difficult to be optimistic

In fact, at present, China's auto parts production is still a short-board in the development of the industry. Parts and components enterprises are eager to transform the whole vehicle manufacturing under the condition that they have not consolidated their technical strength, and they are not optimistic about the industry.
Wanxiang's car-making plan or postponed as the founder of China's largest parts group, Wan Guan Group's board chairman Lu Guanqiu's "making a car dream" in the industry should be well-known, however, due to production qualifications and other reasons Impact, over the years, this dream has not come to fruition. However, this did not dispel the determination of Luguanqiu to build a car. On the contrary, in view of the state's support for the new energy automobile industry, Wanxiang Group tried to make a breakthrough by taking this as an entry point.
From the establishment of the electric vehicle project team in 1999, to the production of electric special vehicles, to the acquisition of A123, the largest new energy battery manufacturer in the United States through frequent overseas mergers and acquisitions, Wanxiang Group has gradually established a relatively complete Electric vehicle industry chain. Therefore, when the Wanxiang Group experienced multiple rounds of competition in February 2014 and won the first prize in the acquisition of Fisker for US$149.2 million, Lu Guanqiu’s dream of building a car finally appeared in the industry. The timetable for implementation.
However, the next step is the news that Wanxiang has postponed the restart of production again and again. According to the documents that Wanxiang provided to the US courts when bidding for Fisker, Wanxiang set the time to restart production within four months. After the completion of the acquisition, Fisker's restart plan was set by Wanxiang within one year, and now, the further delay of this time, in the eyes of the industry, undoubtedly explained to some extent, despite the plan, but Wan It seems far more challenging than imagined to build a complete industrial chain through overseas mergers and acquisitions including Fisker, and then complete from component manufacturers to vehicle manufacturers.
The new team or the technical difficulties are well known. Fisko, founded by the well-known car designer Henrik ̇ Fisko, had previously enjoyed the limelight in Tesla, but the battery spontaneous combustion phenomenon and software failure occurred frequently. Problems such as recalls, and the final bankruptcy were acquired. To a certain extent, there are some problems in the quality of Fisker's products.
It is understood that after the acquisition of A123, in June 2014, Wanxiang purchased new battery technology from Leiden Energy. Leiden Energy spokesperson Jeff Kessen said the deal includes more than 20 technology patents and some employees who will join A123's research facility in Massachusetts to work on a universal future electric vehicle battery. technology R & D. Wanxiang tried to further solve the problems in the previous A123 battery by ensuring the quality of the core components of the electric vehicle. Because no matter which new energy manufacturer, the reliability and safety of the power battery are crucial.
From a technical point of view, only by solving the above technical problems, restarting production is likely to become a reality. At the moment, the repeated delays in production have, to a certain extent, meant that Wanxiang is facing challenges in technology research and development. Almost all of Fisko's original team left, and the new team was formed by Wanxiang himself. From the previous experience, Wanxiang's strengths and advantages are in the manufacture of parts and components, to enter the vehicle field, there are challenges in research and development and integration capabilities. Therefore, many core components of Wanxiang still rely on external mining.
However, after experiencing the bankruptcy dispute in Fisko, the original suppliers were almost impossible to use for Wanxiang. Since the completion of the acquisition, Fisker's debt dispute with the previous supplier almost lasted until the fourth quarter of last year. Later, although it came to an end, the compensation received by the supplier was almost insignificant. If Wanxiang wants to develop new suppliers, it will not only need to go through the audit period of 12 to 18 months, but the suppliers will also consider the sales scale of Fisker and the cost and return after entering the supply system.
At the moment, the reasons for the delay in production of Wanxiang are not limited to this, and the production problem needs to be solved.
It is understood that the Finnish Valmet factory, which was previously built for Fisko, is still willing to continue to work, but considering the cost of production and the commitment to the government, Wanxiang is more willing to transfer production to the United States. Prior to this, Wanxiang plans to gradually transfer the production of the model from the Finnish factory to the luxury car manufacturer VL in Detroit, Michigan, which was the joint acquisition of the previous acquisition.
However, in May last year, VL was acquired by GTA Virginia, a Virginia-based subsidiary that produces electric vehicles in Mississippi. VL's 'rebellion' has had a certain impact on Wanxiang's plans to put production in the United States. If Wanxiang wants to produce Fisker models in the United States, there are only two choices, one is to build the factory independently, and the other is to activate the former general-purpose factory that was acquired when Fisker was acquired. However, according to public information, the factory has not been produced since the closure of the factory in 2009, and it has been vacant. If Wanxiang’s “new owner” is to be put into production at the new factory, it will take a long time. Cycles to trim and add production equipment, while new plants may take longer and cost.
Relevant industry experts said that the reason why Wanxiang delayed production is undoubtedly to better sort out and solve the above problems. After the listing of Fisker's car, it only sold about 1,800 vehicles, indicating that there are problems in quality and brand. If you don't make better preparations, I believe Wanxiang will not rush to introduce new cars. Involving the brand, Wanxiang plans to replace “Fisko” with “Elux”, but has not received a reply from the relevant person of Wanxiang Group.
Although Elux is a new brand name, there is no reputation for Fisko, but in the long run, adopting a new brand name may be able to avoid other business conflicts with Fisker himself, which also explains the universal direction to a certain extent. The determination to revitalize the acquisition of assets.
Nonetheless, from a market perspective, it remains to be seen whether the upcoming Elux Kama will be able to successfully win the market. According to reports, its price will be positioned at around 135,000 US dollars, an increase of about 20%. Kama is positioned as a high-end luxury product, starting at even more than the Tesla Model S. At the moment, after experiencing the enthusiasm of the previous two years, Tesla's popularity in the global market has been decreasing. It is hard to imagine the direction of Wanxiang's future development.
The feasibility of transforming and manufacturing cars in China's parts and components enterprises is questioned. The uncertain future of the transformation needs to be cautious. In the period when the parts and components industry is in the bottleneck of development, many enterprises want to actively seek effective ways to develop and even find a way to improve economic efficiency. The shortcut is to take the Huaxiang Group in Ningbo as an example. Ten years ago, it merged with the automaker and entered the automobile manufacturing industry. Huaxiang Group is famous for its mahogany interior in the auto parts industry, and is a spare parts supplier for multinational auto giants such as Shanghai Volkswagen, Changchun FAW and General Motors. From 2003 to 2004, Huaxiang Group wholly owned Fuqi Automobile through a series of acquisitions, capital increase and equity swaps. Fuqi is a veteran auto company. Huaxiang Group is interested in all the hardware and software that it produces, and a product that has a “birth certificate” – the Fuji 6500.
Fuqi 6500 is a large-scale SUV produced by Toyota 4500 original mold in China. Huaxiang originally had high hopes for it. However, shortly after Huaxiang entered the company, due to the rising oil prices and the adjustment of national policies, the entire SUV industry experienced a sharp decline. SUV has not only failed to become a weapon for Huaxiang to break through the automobile market, but has become a major burden for Huaxiang to build a car. Then the situation began to deteriorate. Huaxiang Group has invested 200 million to 300 million yuan in succession. However, except for a semi-stopped manufacturing plant and an unfinished automobile industrial park, basically nothing can be said. In just one year, in June 2006, Huaxiang was found to have collapsed into a semi-discontinued state. In the end, Huaxiang had to give up the dream of making a car.
Huaxiang’s failure did not scare off the pursuit and strength of the parts industry. Just a few years after Huaxiang’s dream of building a car crashed, Weichai Power, which has a strong strength, set foot on the road to manufacture a complete vehicle. In 2009, Weichai Power acquired 80% of the shares of Chongqing Jialing Chuanjiang Co., Ltd., and with the passenger car production license of Jiachuan Company, it got the “knocking door” to enter the passenger car field. Weichai Power is one of the most comprehensive accessories and diesel engine manufacturing groups in China. It mainly produces commercial vehicle engines and is the leader in the domestic parts industry. The Jialingchuanjiang passenger car project was officially implemented at the end of 2013, and Weichai also entered the passenger vehicle market. But how the future is still waiting for the test of the market, I have to say that there is a big risk.
The long-term lack of components in the core technology has become a short-term industry. In recent years, China's auto industry has entered a stage of rapid development. In 2014, production and sales exceeded 23 million units. However, the long-term lack of China's core auto parts technology has not been alleviated. At present, there are many large enterprises in China's auto parts industry, and internationally renowned companies that produce key components such as engines and transmissions are rare.
Wang Binggang, former director of the China Automotive Technology and Research Center, said that seven of the 12 key components of the outsourcing need to rely on foreign technology. There are also some parts such as bearings and oil seals that have been in production history in China for decades. When the OEMs purchase, they still choose foreign companies' products. The reason is that China's manufacturers can not meet the requirements of high-speed conditions.
In the 2012 edition of the "Blue Book of Automobiles", it is also mentioned that "the parts industry is still a short-board of the domestic automobile industry. The problem of fewer key components, low added value of products and lack of core technology has restricted the overall competitiveness of China's automobile industry. improve."
At present, car companies generally implement R&D outsourcing, and 90% of technology updates rely on parts and components. Previously, because the state and local governments did not attach importance to the upstream parts industry, the industrial upgrading was slow. If the protection policy was lost, the upgrade would be difficult to follow up, and the problems would be more in the future.
Making good parts is the stable trend of the industry. The future development of the parts industry will never become a trend. In fact, as a capital and technology-intensive industry, the automotive industry has higher requirements for production, logistics, marketing, and post-marketing. It is a series of links, such as production lines, R&D products, brand building, and marketing network. Enterprises are required to have long-term, sustained high investment capacity. Once a certain link is not well grasped, it will affect the development of the entire enterprise.
For China's current auto parts manufacturers, it is the foundation of the stable development of the industry in the future. China's parts and components industry is in a critical stage of urgent development. Some leading domestic parts and components companies only see the lucrative profits of the whole vehicle manufacturing, and they are rushing to complete the whole vehicle project, trying to maximize the benefits. As a leader in the parts industry, it may be more important to focus on research technology, narrow the gap between key components at home and abroad, and lead the overall rise of China's parts and components industry.
China's parts and components enterprises still have good development prospects. Domestic car sales are driving the parts industry. Although the export of auto parts is relatively flat, the domestic market is warm and strong, which is firstly benefited from the unexpected growth of domestic vehicle sales. According to the statistics of China Association of Automobile Manufacturers, in 2014 China's cumulative production of automobiles was 23.722 million, an increase of 7.3% year-on-year, sales of 23,319,900 vehicles, an increase of 6.9%, and production and sales continued to rank first in the world.
The rapid development of China's auto industry provides a good opportunity for auto parts manufacturers. By the end of 2014, the number of motor vehicles in the country had reached 264 million, and the number of motorists exceeded 300 million, including more than 246 million motorists and 21.67 million drivers with less than one year of driving, accounting for 9.82% of the total. The rapid growth of car ownership will drive the rapid growth of sales in the after-sales market.
Looking forward to the future, some analysts pointed out that residents in third- and fourth-tier cities are currently very enthusiastic about car purchases, and car consumption has become “just-needed”. Therefore, there is more room for the automobile market. The over-expectation of vehicle sales will support the performance of listed auto parts companies. A public fund manager said that due to the certain lag in the parts market, the continued growth of auto sales in 2014 will extend to parts and components listed companies. The growth of future parts and components listed companies will be clear, and the industry capacity will expand. In addition, according to the investment manager, at present, the prices of raw materials such as rubber and steel for auto parts are declining, which will reduce the cost pressure of enterprises and increase profits, and will also constitute new advantages for auto parts companies.
Overseas mergers and acquisitions helped the Chinese company to bend over the road to acquire European engine technology from Bo Ying Investment, to cooperate with foreign capital to build a super environmentally friendly engine, and to acquire the European and American parts giants in Ningbo Huaxiang, the domestic parts and components enterprises launched a wave Promising expansion and upgrade.
China's parts industry is still quite fragmented. How to get rid of homogenization competition, achieve higher quality production, and move to the upper end of the value chain is the key to achieving healthy growth in the industry. M&A, including the acquisition of overseas assets, is also one of the effective ways for the industry to achieve transformation and upgrading in the future. It is understood that many Chinese companies eagerly looking forward to technologies such as engines, brakes and transmissions are hiring investment banks, management consultants and law firms to study possible M&A transactions.
Wang Shizhen, a real-time investor and senior investment banker, also said that the economic crisis in 2008 was caused by the release of the dividend of the second industrial revolution in the West. Therefore, there is no longer any original periodicity. At the end of the European crisis.” This has created a great business opportunity for global mergers and acquisitions, resulting in an underestimation of assets. "In this context, the loss of the advantages of some enterprises in the Western market does not mean that their corporate advantages will be lost." And China has a huge market, and there is a cost space that can be reduced, so global mergers and acquisitions, the market huge. In addition, due to the bankruptcy of some parts and components companies in Europe and the United States, part of the market share was given up, and Chinese parts companies will fill the vacated market share. Through mergers and acquisitions, these parts companies will undoubtedly receive "admission tickets" for these higher-margin markets. Another high-level domestic component manufacturers believe that even if the recovery in Europe and the United States is slow, domestic companies can still develop and seize the Southeast Asian and Indian markets, especially the Indian market is very broad, enough for Chinese parts companies to "share" for more than 10 years.
The conclusion is about the world auto parts industry, and there are few cases where component manufacturers enter the auto industry. Several auto parts multinationals familiar to the industry provide parts and core technologies to many OEMs around the world. After decades, they are still focusing on making parts and earning the upper reaches of the entire car chain. Profit, without having to share the risk of any vehicle manufacturing. It is foreseeable that the future development of the auto parts industry will not become a trend. At present, China's parts and components industry is in a critical stage of urgent development. For China's auto parts manufacturers, it is the foundation of the stable development of the industry in the future. In particular, as a leading company in the parts industry, we should focus on research technology, narrow the gap between key components at home and abroad, and lead the overall rise of China's auto parts industry.

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