Great Wall Motors divests power battery technology
Although Great Wall Motors is late on the road to new energy, it is well
prepared and working hard. On New Year's Eve, Great Wall Motors announced that
the company sold 123 company patents, non-patented technology assets and some
assets to Honeycomb Energy and Honeycomb Energy Baoding Branch for consideration
of RMB 164 million and RMB 47.7007 million respectively. This means that Great
Wall Motors will further assist the independent operations of its power battery
companies to improve their competitiveness.
The announcement pointed out that the 123 company patents include 76
utility models that have obtained certificates and 47 non-patented technologies
that have been declared but have not obtained certificates. Independently
developed by Great Wall from 2015 to 2018 and currently held by the company, the
above-mentioned patented and non-patented technologies are mainly used in
battery management systems, battery manufacturing, battery packaging, automotive
component production and other fields.
Promote the independence of “Hive Energy”
Honeycomb Energy Technology Co., Ltd. was registered and established by
Great Wall Motors on February 12 last year, a few days before BMW Great Wall
announced the signing of a letter of intent for cooperation (February 23). Its
registered address is Huacheng Middle Road, Jintan District, Changzhou City No.
168, this address is in the same Jintan District as the factory address of the
BMW Great Wall Cooperation Project, and the distance between the two is about 7
kilometers. Honeycomb Energy's business scope mainly includes the development
and sales of lithium-ion power batteries and their cathode materials, energy
storage batteries, etc., as well as the research and development and operation
of new energy vehicle charging piles, battery utilization and recycling,
etc.
Prior to this connected transaction, Great Wall Motors signed an equity
transfer agreement with Baoding Duanmao on October 26, 2018. The company sold
100% of the equity in Honeycomb Energy to Baoding Duanmao, a wholly-owned
subsidiary of Great Wall Holdings. Great Wall Motor stated at the time that the
main purpose of transferring Honeycomb Energy was to save capital expenditures,
concentrate resources on developing core businesses, and improve profitability.
At the same time, it was to realize market-oriented operations of Honeycomb
Energy and improve its product competitiveness. The transfer and sale of 123
company patents, non-patented technology assets and some assets to Hive, means
that Great Wall Motors will further assist the independent operation of its
power battery company.
It is understood that Honeycomb Energy’s factory construction covers an
area of more than 3,000 acres. The project is divided into two phases. The first
phase construction covers an area of 1,600 acres, and the second phase
construction covers an area of more than 1,000 acres. In July, the first phase
of construction has completed the land leveling stage and cables are being laid.
The second phase of construction is in the land leveling stage. It is reported
that the factory is expected to be completed in the second half of next
year.
With the promotion of new energy vehicles, domestic power battery companies
have developed rapidly. For example, CATL, the power battery company with the
largest shipment volume, showed in its third quarter report last year that its
revenue increased by 60%, which allowed many car companies to see opportunities.
This promotion of the market-oriented independent operation of Honeycomb Energy
will obviously play a role in "increasing revenue and reducing expenditure" for
Great Wall Motors. It is also in line with the "focus strategy" mentioned by
Great Wall Motors Chairman Wei Jianjun, and will also enable it to advance into
the new era. Energy market paving the way.
Great Wall deploys to the entire industrial chain
It has to be said that Great Wall Motors has long been aware of the
industry changes that may be triggered by changes in policy and market
environment, which allowed it to immediately start its layout in the upstream,
midstream and downstream of the new energy market.
On September 29, 2017, Great Wall Motor announced that its indirect
wholly-owned subsidiary Yixin Development had subscribed for no more than 3.5%
of the equity of Pilbara Minerals, an Australian company, which owns Pilgangoora
in Port Hedland, Western Australia, for RMB 145,860,400. 100% interest in the
lithium mine project. It is understood that the expected production scale of the
first phase of the project is 300,000 tons/year of spodumene concentrate, which
is Great Wall Motor's upstream layout.
In the midstream, Great Wall Motors has invested more than 1 billion yuan
in power battery research and development, and built battery cells, mechanism
analysis, PACK, BMS trial production laboratories, battery trial production
workshops, test centers, analysis centers, etc. Its power battery production
base is also in Intense preparations are underway. As early as 2006, Great Wall
Motors had entered the new energy field and established a battery project team
in 2012. The project team was upgraded to the power battery division in 2016 and
eventually developed into an independent energy technology company. It is
understood that the current Great Wall Motors power battery R&D team has
reached about 2,000 people, spread across China, the United States, India, Japan
and South Korea.
In August last year, Great Wall Motors launched its new energy vehicle
brand ORA. Since then, it has established a joint venture with BMW to establish
a new electric vehicle company. It has jointly invested with Yujie to establish
Lingtu Motors, and then invested in a hydrogen refueling station operator. At
the same time, it has The Zhejiang factory project with an annual production
capacity of 50,000 new energy vehicles was approved.
In the field of new energy research and development, it has established
wholly-owned subsidiaries Honeycomb Energy Technology Co., Ltd. (registered
capital of 1 billion yuan), Honeycomb Yichuang Technology Co., Ltd. (registered
capital of 1 billion yuan), and Honeycomb Energy Technology Co., Ltd. Baoding
Branch.
It is worth mentioning that in March 2018, Great Wall Motors became the
first Chinese automobile company to enter the International Hydrogen Council
(HydrogenCouncil), joining well-known multinational automobile companies such as
Audi, BMW, Daimler, General Motors, Honda, Hyundai, and Toyota. Companies work
together to develop hydrogen energy. The country's first hydrogen energy
technology center with testing, trial production, and vehicle integration and
testing capabilities for all core components of FCEV has also been built and put
into use.
Judging from sales performance, Great Wall Motors has continued to see
overall growth in its four major brands through preferential measures and new
car strategies; what is even more eye-catching is that its transformation in the
new energy field has begun to show results. The latest data shows that Great
Wall Motors sold 132,489 new cars in November last year, an increase of 1.09%
year-on-year and a month-on-month increase of 20.35%; the cumulative sales
volume in the first 11 months of last year reached 919,200 units, and there is
no doubt that the overall sales volume in 2018 will exceed one million. While
traditional fuel vehicles are experiencing a sharp rebound, Great Wall Motors
has begun to show its prominence in the new energy sector. The new energy brand
Euler launched in August last year, and its first model Euler iQ has now
achieved a cumulative sales of 2,460 units; Beijing last year WEY's first
plug-in hybrid model, the P8, launched during the auto show, had cumulative
sales of 3,072 units by the end of November last year.
At the beginning of the new year, Great Wall Motors has begun a new layout.
On December 28, 2018, Wei Jianjun, Chairman of Great Wall Motors, and his
delegation visited Changan Automobile. The two parties conducted in-depth
discussions on resource sharing, industrial collaboration, overseas expansion,
etc. and reached a number of consensuses. As the circle of friends expands,
Great Wall's business territory also expands.
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