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While the acquisition of PSA (the French Peugeot Citroen Group) is still widely discussed by the outside world, the resistance encountered by the current domestic merger and acquisition of Fujian Automotive Industry Group (hereinafter referred to as "FuChang") may be even more so that Dongfeng Motor Group (hereinafter referred to as "Dongfeng" headache.
According to the agreement between Dongfeng and Fuzhou, if the annual sales of Southeastern Automobile (including engines) can reach 300,000 units driven by Dongfeng in 2015, Dongfeng can increase its stake in Fuqi Gas to more than 60%, and can integrate its targets. Expanded to all of Fuqi's subsidiaries. Therefore, the development and expansion of Dongfang Auto’s own subsidiary in Dongfeng University will become the key to Dongfeng’s ability to grasp the leading power of Fuqi.
However, no matter whether it is a joint venture or an independent product, sales in the southeast have not seen any improvement. Coupled with the frequent recall of damage to the brand image, Southeast Motors will become the most difficult barrier to the Dongfeng M&A blessing?
If the sluggish growth is not the protagonist of the “marriage†between Dongfeng and Fuqi in May, the Southeast Asia Auto, once the largest joint venture on both sides of the Taiwan Strait, may have faded from sight.
It has experienced the investment of Mitsubishi Motors of Japan and South East Automotive Co., Ltd. with the United States Chrysler Group. The first product "Delika" was launched in 1998 and created its glory in the field of commercial vehicles. By 2003, the first sedan "Lingshuai" went public and went on sale. In 2008, after marking the listing of “V3 Ling Yueâ€, Southeast Automotive's technology, production, product, brand and other aspects have all reached a new level, the development of Southeast Automotive has entered a stable stage of development.
However, due to the chaotic nature of the company's internal equity relationships and complicated sales channels, Southeast Automotive has been among the third-tier car companies for many years. Especially in the increasingly complex and fierce competitive landscape of the auto market in China, Southeast Motor has once again suffered Marginalized crisis.
Data shows that Southeastern Motors (excluding Mitsubishi) sold 79,100 units for the year in 2012, an increase of 6.63% year-on-year in sales of 74,200 units in 2011, which is lower than the growth rate of the Chinese auto market in the same year.
“In the first 9 months of this year, Southeast Motor’s sales volume has exceeded 80,000 units, an increase of nearly 10% year-on-year. Among them, Southeast brand sales have reached nearly 70,000 units, an increase of more than 25%.†Liang Wei, PR Communications Manager, Southeast Automotive Industry Weekly reporter said that V3 Ling Yue and V5 is the main basis for supporting the Southeast brand.
According to the Sohu Automobile Production and Sales Database, in the first eight months of this year, South East Motor sold a total of 32,400 V3 Ling Yue, a cumulative decrease of 25.75%, while V5 Lingzhi sold 21,200 units. It is regrettable that the intention is to rely on the V5 Lingzhi to change the southeast car with only a V3 Ling Yue in the market "single fight" situation, the average monthly sales of less than 3,000 V5 Lingzhi, apparently difficult to shoulder the future of Southeast Motors development of.
It is reported that currently there are about 100 dealers operating Southeast Automotive brand and Southeast Mitsubishi brand. According to media reports, there is only one Southeast motor vehicle dealership in Guangzhou. The reporter found that at this stage in Guangzhou, only the "Guangzhou Huayou Automobile Sales Co., Ltd." at Tianhe Bus Terminal is responsible for the sales and maintenance of the Southeast brand. The staff of the store told the reporter that another dealership at the racecourse was closed in April this year. "Because the venue is too expensive, we cannot afford it."
In fact, there are other factors that lead to the closure of the racecourse dealership. At the end of this year, the “five-year†contract expired for all the merchants in the racetrack car city. In addition, the reduced traffic flow and sluggish sales after the restriction of motor vehicles in Guangzhou City highlighted the disadvantages of expensive rents in the region. As a result, many merchants in the car city had long ago Ready to retreat. “The plots here have to be sold, and we will turn off the shop here. But we are currently planning to open two more stores in Guangzhou.†Liu, manager of the racecourse dealership, told the Times Weekly reporter. "The stock in the store is very sufficient, and if you buy V3, there will be 3,000 energy-saving subsidies before the 29th of this month. This is the manufacturer's own subsidies, and the country has no more."
Since 2011, Southeast Motor has set an annual sales target of 150,000 vehicles. However, so far, Southeast Motor is still working hard for this goal. This year South East Motors still targets at 150,000 vehicles, but according to its current sales growth, it is obviously unrealistic to complete the remaining 70,000 vehicles in the remaining three months.
To this end, Dongfeng Motor can really help South East Motor realize the leap of 300,000 vehicles in 2015, and it still appears to be a big question mark.
Joint ventures, autonomy and double frustration For Southeast Automotive, although it owns a joint venture brand of Southeast Mitsubishi, due to the complicated relationship between the shareholders of the company and Mitsubishi’s transfer to GAC last year after the establishment of GAC Mitsubishi, the Southeast Mitsubishi business has become marginalized. Although there have been media reports that Mitsubishi does not have any change in the proportion of Southeast Motor’s investment, Mitsubishi is obviously more willing to focus its development on the more-speaking GAC Mitsubishi from the perspective of the number and speed of new product launches and introductions.
“I think that the status of Mitsubishi Motors will gradually fade out in Southeast China, mainly in China (Taiwan Yulon) and Dongfeng. Of course, the 'fade out' I am talking here is not the same as 'exit'. What Mitsubishi should take is The right to use the model is accepted, so it can be inferred that it will certainly not actively promote the introduction of new models." Zhang Mo told reporters.
At the Chengdu Auto Show in August of this year, Southeast Mitsubishi Wind Dix officially went public. Known as “based on the needs of Chinese families for the 'new era of Jiajiao'â€, Di Disi and the previously listed Wings can be described as compatriots, and Southeast Mitsubishi has adopted a sales strategy of “old and newâ€. However, it remains to be seen whether this model alone can save southeast Mitsubishi's 37.66% year-on-year decline in the first eight months of this year.
The difficult-to-promote joint-venture business made Southeast Automotive more focused on the development of its own brand. In the total sales of 110,000 vehicles last year, Southeast’s own brands accounted for 78% of the total. In July this year, there were media reports that there were nearly 20 models in South East Automotive's active R&D and planning, including a full range of passenger cars such as cars, SUVs, and MPVs.
However, in the acceleration of the pace of the company's progress, in the past two months, there has been a group of owners complained that the southeast Ling Yue V3 and Ling Zhi V5 two manual transmissions serious abnormal sound problems, and the manufacturers have yet to solve the problem of attitude Make them very annoyed. In fact, in recent years, South East Motor’s recall of problem vehicles has occurred from time to time. According to media statistics, since the launch of the Lingerie V3 in 2008, the vehicle has been recalled four times before and after due to different problems, and 103,369 vehicles have been recalled, accounting for 1/3 of its cumulative sales of 300,000 vehicles.
"The difference between southeast and southeastern China is not just products. It is mainly market traders and the combination of products and the domestic market. However, it has not been achieved in terms of marketing." Zhang Mo concluded with the reporter.
According to Zhang Motong, first of all, Southeast China Auto’s layout of the Chinese auto market and the innovation of its marketing system are all rigid and will not change over time. This is reflected in the team of Southeast Asian auto dealers. The second is in the The product's adaptability to the Chinese market and its layout, although the product does not fall within the scope of marketing, but combined with the progress of product modification required by the market and the right to speak of sales in this area, the southeast is slightly more prominent than other independent brands. Less; again, self-owned brands should have won in the concentration of market segments, flexible means and mechanisms, but Southeastern vehicles have always been tepid in product distribution. "But this has been tangled with capital for years and they cannot focus on the relationship."
On the 16th of May, the People's Government of Fujian Province and Dongfeng Motor Corporation signed a strategic cooperation framework agreement in Fuzhou. Dongfeng has acquired part of the equity of Fujian Provincial Automobile Industry Group Co., Ltd. in a capital increase manner, and has also established an investment company holding Southeast Automotive.
Since the acquisition is using a progressive stock holding scheme, Dongfeng can hold 45% of the shares in the first phase, and only lock in the southeast automobile. If the annual sales volume (including the engine) of Southeast Automotive in 2015 will reach 300,000 units driven by Dongfeng Motor, Dongfeng may increase its holding to more than 60%, and it may expand its integration target to all companies within the Fuqi Group. Therefore, the Southeast Motor will become the key to Dongfeng’s ability to grasp the leading power of Fuqi.
“In 2015, whether South East Motor’s annual sales volume could reach 300,000 units driven by Dongfeng, I think it is still possible because it is not only counting the products currently in the southeast, it will transfer some of its production capacity in the future to help the east wind digest the other. Products (China and Yulon's platform technology are the same).†Zhang Motong, a veteran automotive marketing management consulting expert, told Time Weekly that Dongfeng has traditionally had two styles, one is like Zhengzhou Nissan, and Dongfeng basically consists of Zhengzhou Nissan. The original management led, Dongfeng provided management in decision-making, but did not intervene in the specific business; the other is Dongfeng Nissan, whether it is sales or system, have a shadow of Dongfeng, the future Dongfeng management of Southeast Automotive will be more biased toward Dongfeng Nissan In order to have more dominance.
"Currently, Dongfeng Motor has not yet been involved in the development of Southeast Automotive. Because the composition of the shareholders of Southeast Motor is still more complicated, it also makes each shareholder's development of the company is less important. However, the decision-making position of Southeast China itself is becoming more and more rampant, which is very unfavorable for the development of the company.†Zhang Zhiyong, a veteran automotive analyst, expressed similar views to the Times Weekly reporter.
When the reporter asked Dongfeng Motor and Southeast Automotive separately about the formation of an investment company, their responses were almost identical. “At present, we are not yet able to disclose the formation of a new company because it is still a communication at the shareholder level.†Insiders from both the Southeast and East have expressed the same opinion to reporters.
"M&A is still in the integration phase. Whether it is east or southeast, it is a test of cooperation, so I don't think there will be a big improvement this year." Zhang Mo estimated.
“In the future, the Southeast China will gradually become the “Fujian Dongfengâ€, because the southeastern China’s largest shareholder is the Fujian Automobile, which not only owns Southeast Delica, but also other companies such as the Fujian Mercedes-Benz and Dongfeng Automobile. Brand, but for its production layout, just as Changan Mazda has a reason in Nanjing. Therefore, the South East car piece is still very meaningful for Dongfeng.†The above said.