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通用汽車第二輪救助引發(fā)歐洲同行不滿

通用汽車第二輪救助引發(fā)歐洲同行不滿

Doron Levin 2012-10-30
法國政府最近同意為標(biāo)致集團(tuán)增發(fā)90億美元債券提供擔(dān)保,從而在該公司的運營上具有更大話語權(quán)。大眾認(rèn)為,法國政府對標(biāo)致的資助違反了歐盟的法規(guī),要求歐盟對此進(jìn)行審議。

????國際汽車巨頭在歐洲的銷售本已慘淡不堪,如今更是每況愈下。

????現(xiàn)在,底特律的兩大汽車廠商為了避免更大虧損,正在大刀闊斧地厲行節(jié)約。通用汽車(General Motors)正與標(biāo)致雪鐵龍集團(tuán)(PSA/Peugeot-Citroen)合作,共同分擔(dān)在歐洲開發(fā)通用歐寶(Opel)和沃克斯豪爾(Vauxhall,英國汽車公司,1925年被通用收購——譯注)這兩大品牌新車型的成本。福特汽車(Ford Motor)準(zhǔn)備關(guān)閉位于比利時根克(Genk)的產(chǎn)量不足的組裝廠,同時試圖在位于西班牙瓦倫西亞和位于德國薩爾路易(Sarlouis)的兩家工廠間實現(xiàn)生產(chǎn)的平衡。

????通用之所以采取這一舉措,是因為陷入財務(wù)困境的標(biāo)致集團(tuán)已從法國政府獲得了救助。法國政府同意為標(biāo)致集團(tuán)增發(fā)90億美元債券提供擔(dān)保,從而在該公司的運營上具有更大話語權(quán)。分析師稱,如果不是法國政府及時干預(yù),標(biāo)致將面臨破產(chǎn)——而通用在歐洲努力止損的最后一招也將落空。過去十年來,通用在歐洲的虧損總計高達(dá)約120億美元。今年年初,通用與標(biāo)致達(dá)成了戰(zhàn)略合作協(xié)議,成為標(biāo)致的第二大股東。

????大眾汽車公司(Volkswagen AG)及其所在的德國下薩克森州共同提出抗議,認(rèn)為法國政府對標(biāo)致的資助(此舉也連帶惠及通用位于德國的子公司歐寶)違反了歐盟的法規(guī),要求歐盟對此進(jìn)行審議。而標(biāo)致公司的首席財務(wù)官巴堤?德?查狄倫對彭博新聞社(Bloomberg News)表示:“我發(fā)現(xiàn),我們有相當(dāng)一部分對手并未善意看待這次救助,不過相關(guān)條款公布后大家就會發(fā)現(xiàn),這不是國家資助,只是一種支持而已。”

????2009年,通用申請破產(chǎn),現(xiàn)在由美國政府持股25%。盡管它財務(wù)情況甚佳,但歐寶和沃克斯豪爾的困境卻拖了公司及其股票的后腿,現(xiàn)在它的股價約為2010年的三分之二。私下里,通用高管非常希望切斷與美國財政部(the U.S. Treasury)的關(guān)系。公司很想終結(jié)外界認(rèn)為其業(yè)務(wù)決策還在受到政府監(jiān)管的印象。由于2009年受到政府資助,導(dǎo)致一些消費者對通用車抱有明顯的偏見,這也讓通用深感痛苦。

????通用將與標(biāo)致合作開展四個新車項目:為歐寶/沃克斯豪爾開發(fā)的緊湊型多用途廂式貨車;一款小型車;一款低排放的小型車和一款中型車。知名汽車網(wǎng)站Edmunds.com的分析師米歇爾?克雷布斯稱:“顯然,通用通過股權(quán)關(guān)系與這家法國汽車廠商緊密合作只會使事態(tài)復(fù)雜化,”這句話同樣也指向法國政府對標(biāo)致的救助。

????福特在比利時的關(guān)廠行動將裁減4,000多個工作崗位。此舉將對通用構(gòu)成更大壓力,因為通用也必須削減產(chǎn)能。通用已表示,其位于德國波鴻的組裝廠可能于2016年關(guān)閉。2012年前9個月,歐盟車市整體下滑7.6%,而福特在這一市場的銷量下降了12.6%。第二財季,福特宣布其在歐洲的虧損達(dá)到4.04億美元。9月17日,瑞銀集團(tuán)(UBS)發(fā)布估算,福特關(guān)閉根克工廠將節(jié)省5億美元的成本。

????十年前,通用曾與意大利汽車廠商菲亞特(Fiat)達(dá)成合作,但這一歐美聯(lián)盟最終卻以失敗告終。當(dāng)年曾促成這一合作后卻將通用帶向破產(chǎn)境地的高管為此飽受詬病。【菲亞特現(xiàn)在控制克萊斯勒公司(Chrysler)】。而上一代管理層也曾有機(jī)會與雷諾汽車(Renault)合作。雷諾后與日產(chǎn)汽車(Nissan)結(jié)盟,并與梅賽德斯奔馳(Mercedes)不斷加強合作,這兩大戰(zhàn)略舉措使其市場地位相對穩(wěn)固,財務(wù)也變得穩(wěn)健。盡管曾有這些前車之鑒,但通用新一屆領(lǐng)導(dǎo)層并未因此而受到創(chuàng)傷——不過,他們在歐洲能選擇的出路也實在有限,只能達(dá)成目前這種力所能及的合作,同時祈禱經(jīng)濟(jì)盡快迎來復(fù)蘇。

????譯者:清遠(yuǎn)

????A grim situation for global automakers selling cars in Europe is growing worse.

????Now the two biggest Detroit-based automakers are undertaking drastic cost-cutting measures to stem massive losses. General Motors Co. (GM) is joining forces with PSA/Peugeot-Citroen to split the cost of developing new models for GM's Opel and Vauxhall brands on the continent. Ford Motor Co. (F) is shutting its under-utilized Belgian assembly plant in Genk. Ford will juggle production among its plant in Valencia, Spain and Sarlouis, Germany.

????GM's move comes as financially ailing Peugeot has secured a rescue from the French government. France will guarantee $9 billion worth of new Peugeot bonds in return for greater influence over the automaker's operations. Without France's intervention, analysts say, Peugeot faces insolvency -- and GM would lose in its latest bid to stanch losses on the continent, which have totaled about $12 billion over the past decade. GM is Peugeot's second-biggest shareholder, under terms of an alliance forged earlier this year.

????Volkswagen AG and the German state of Lower Saxony, where VW is located, are protesting that French aid for Peugeot (and, by extension, for GM's Germany-based Opel unit) constitutes a violation of European Union rules and have asked for a review by the EU. "I see that certain of our competitors don't see [the bailout] with a friendly eye, but when the terms are presented you'll see that it's not state aid, but support," Peugeot chief financial officer Jean-Baptiste Chatillon told Bloomberg News.

????GM, which filed for bankruptcy in 2009, is 25% owned by the U.S. Although the automaker's finances are strong, its difficulties with Opel/Vauxhall are a drag on the company and its stock, which is trading at roughly two-third's its 2010 offering price. Privately, GM executives are anxious to sever the company's connection with the U.S. Treasury. GM wants to end the appearance of government oversight of business decisions; and the automaker is rankled by the stated bias of some consumers against GM vehicles due to government aid in 2009.

????GM identified four vehicle projects it will pursue with Peugeot: a compact, multipurpose van for Opel/Vauxhall; a small car; a low-emissions small car and a midsize car. "Certainly [GM] being tied to a French automaker through an equity position complicates matters," said Michelle Krebs, analyst for Edmunds.com, an automotive website, referring to the report of a bailout from the French government.

????The Ford action in Belgium will cost more than 4,000 jobs. It will put more pressure on GM, which also must cut capacity. GM has said its Bochum, Germany assembly plant could be closed in 2016. Ford's sales in the EU dropped 12.6% during the first nine months of 2012 in a market that's down 7.6%. In the second quarter Ford posted a $404 million loss in Europe. UBS on Sept. 17 estimated that shutting Genk could save Ford $500 million in costs.

????The executives who took GM into bankruptcy were burned badly by a failed European alliance with Italian automaker Fiat a decade ago. (Fiat now controls Chrysler.) The previous generation also blundered on a chance to ally with Renault, whose alliance with Nissan (NASNY) and growing cooperation with Mercedes makes it relatively stable and financially secure. GM's new generation of executives has no scars from those debacles -- but it also has few good options in Europe other than to make what alliance it can and pray for an economic rebound.

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