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吉利还能买下沃尔沃吗?

来源:天星 更新日期:2009-10-23 点击:

Thursday at Ford begins, as ever, with a management pow-wow in the Thunderbird room. Today's meeting at the Dearborn, Michigan, HQ may be dominated by the planned disposal of Volvo to China's Geely. Talks are reported to be faltering on concerns over piracy.

福特公司(Ford)每周四一上班就会在密歇根州迪尔本总部的雷鸟室(Thunderbird room)召开管理层会议。今天会议的主要议题可能是把沃尔沃(Volvo)出售给中国吉利汽车(Geely)的计划。据报道,由于知识产权方面的担忧,谈判陷入了停顿。

Such jitters are understandable. Great Wall vs Fiat, an intellectual property battle currently being played out in the Chinese company's home province of Hebei, is the latest in a series of such clashes with western manufacturers.

这种不安情绪可以理解。中国长城汽车和菲亚特(Fiat)之间的知识产权角力,正在长城汽车的老家河北省上演,这是中国与西方汽车制造商之间一系列此类冲突的最新一起。

But Ford has better reasons than real or imagined abuses for holding off on the sale of its one remaining international brand. The US car market may be in a wretched state, but Ford isn't. It has gained total vehicle market share in 11 of the past 12 months. While its three core brands – Ford, Lincoln and Mercury – recorded lower year-on-year sales in September, Volvo was up 12 per cent. When Ford put the Swedish company on the block in December, short-sellers held one in eight shares; now they hold about one in 33.

但是,与或真或假的侵权相比,福特有更好的理由放弃出售自己唯一剩下的国际品牌。美国汽车市场可能陷入了泥潭,但福特并没有。过去12个月中,福特在整个汽车市场的份额有11个月出现了上升。9月,福特、林肯(Lincoln)和水星(Mercury)这三个核心品牌的同比销量有所下降,但沃尔沃销量增长了12%。去年12月福特宣布出售沃尔沃时,持股者中卖空者占到了八分之一,而如今,这一比例已降至33分之一。

Geely, which is offering $2bn, might have second thoughts too. Volvo could have launched it up the value chain, competing overseas on sturdiness and safety rather than price. But the export market has collapsed, accounting for just 5 per cent of Geely's first half sales, down from a fifth last year. It now seems wiser to focus on shoring up its footing in the fragmented local market, where the number 10 manufacturer of passenger vehicles ranks 13th by sales growth, year-to-date.

出价20亿美元的吉利或许也另有想法了。沃尔沃可能会让它向价值链上方移动,不再靠价格、而是靠坚固和安全性在海外竞争。但它的出口市场已受到了重创——今年上半年,出口仅占吉利销量的5%,远低于去年五分之一的水平。眼下,专注于在分散的国内市场上巩固自己的根基,看上去更明智些。今年迄今,吉利在中国乘用车制造商中排名第10,若按销量增幅衡量,则排名第13。

Ford's latest quarterly filing shows a carrying value for Volvo of about $2.4bn. Assuming chief executive Alan Mulally is still determined to see it follow Aston Martin, Jaguar and Land Rover out the door, he shouldn't settle for less.

福特最新的季度财报显示,沃尔沃的账面价值约为24亿美元。假如福特首席执行官艾伦·穆拉利(Alan Mulally)仍坚持让沃尔沃步阿斯顿-马丁(Aston Martin)、捷豹(Jaguar)和陆虎(Land Rover)后尘扫地出门,他不该接受低于此的价钱。

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