After more than one year of taking over, Xugong Machinery decided to sell the heavy-duty truck with no hope of losing money. Xugong Machinery disclosed on the 19th that it intends to transfer the 60% equity of Nanjing Xugong Automobile to Xugong, the largest shareholder, and the transaction price is 121.8022 million yuan. The transfer money is mainly used to supplement the company's liquidity.
Nanjing Xugong Automobile had several changes in its owner. In 1997, Chunlan Group acquired Dongfeng’s special-purpose vehicle manufacturing company in Nanjing and changed its name to Nanjing Chunlan Automobile Manufacturing Co., Ltd., and officially entered the heavy-duty truck industry. It has also become a typical case of the “outsider†heavy-duty truck . However, the interlaced line is like a mountain, Chunlan Group finally withdrew. In September 2008, Xugong Science and Technology (Xugong's predecessor) announced that the price of 170 million acquisition of the Nanjing Chunlan Automobile Manufacturing Co., Ltd. 60% stake, and renamed it now Nanjing Xugong car, hoping to enter the heavy truck field.
However, after more than one year in the XCMG car, XCMG did not inject capital into heavy-duty truck projects, and XCMG Automobile gradually fell into a loss-making abyss. The data shows that in 2008, Xugong Automobile's operating income was 5,759,800 yuan and its net profit was -12,831,100 yuan. From January to September of 2009, Xugong Motor’s operating income was 45.293 million yuan, and the loss reached 451.8783 million yuan. It is estimated that the annual loss will be about 70 million yuan.
Xugong Machinery stated that the transfer of 60% equity of XCMG to XCMG was due to heavy trucks as a newly-entered industry of the company. It is an industry with large investment, high risks and short-term effects. In the short term, XCMG could not Reversing the loss situation; Second, although the heavy-duty truck industry has good development prospects, it needs to invest 2 billion to 3 billion yuan in 3 to 5 years to achieve long-term development. The company is currently unable to meet the huge investment demand for heavy trucks in Xugong Motor. XCMG Limited currently has strong investment capabilities and has the ability to invest in incubation, cultivation, and development of heavy truck products.
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