Open main menu

Dongfeng Automobile Co., Ltd. (abb. DFAC), is a Chinese automobile company based in Xiangyang, Hubei province. It is a subsidiary of Dongfeng Motor Co., Ltd. (DFL); DFL is a joint venture of Dongfeng Motor Group (DFG) and Nissan; DFG is majority owned by Dongfeng Motor Corporation, a Chinese state-owned enterprise.

Dongfeng Automobile Company
DFAC
public
Traded as
ISINCNE000000ZT3
Industryautomobile
Founded21 July 1999; 20 years ago (1999-07-21)
FounderDongfeng Motor Corporation
Headquarters,
China
Productslight commercial vehicle
Production output
Increase 201,449 units (2017)
RevenueIncrease CN¥18.301 billion (2017)
Decrease CN¥00201 million (2017)
Total assetsDecrease CN¥17.788 billion (2017)
Total equityIncrease CN¥06.700 billion (2017)
OwnerDongfeng Motor Co., Ltd. (60.1%)
Number of employees
6,624 (2017)
ParentDongfeng Motor Co., Ltd.
Chinese name
Simplified Chinese东风汽车股份有限公司
Traditional Chinese東風汽車股份有限公司
Literal meaningEasterly Wind Motor, Company Limited by Shares
Chinese short name
Simplified Chinese东风汽车
Traditional Chinese東風汽車
Literal meaningEasterly Wind Motor
Second alternative name
Simplified Chinese东风股份
Traditional Chinese東風股份
Literal meaningEasterly Wind Share
Websitewww.dfac.com
Footnotes / references
in consolidated financial statement; figure included discontinued subsidiary Zhengzhou Nissan[1]

It makes light commercial vehicles for the Chinese market.[1]:10 It also makes diesel engines in a 50-50 joint venture with Cummins, Inc. known as Dongfeng Cummins Engine Co. Ltd..[1]:151

As of May 2018, DFAC is a constituent of small cap index SSE 380 Index.[2]

Contents

HistoryEdit

The predecessors of Dongfeng Automobile Company, were a light commercial vehicles factory, an engine factory and a foundry[nb 1] of Dongfeng Motor Corporation,[nb 2][3] that were located in Xiangyang, Hubei province. Founded in Shiyan in 1969,[4] the ultimate parent company Dongfeng Motor Corporation was headquartered in Wuhan, the provincial capital of Hubei since 2003.[5] However, the headquarter of Dongfeng Automobile Company was remained at Xiangyang.

The first factory of Dongfeng Motor in Xiangyang was first built in 1983.[4]

Dongfeng Automobile Company Limited (Chinese: 东风汽车股份有限公司; abb. DFAC) was incorporated as a subsidiary (70% shares) of Dongfeng Motor Corporation on 21 July 1999, the date of receiving the license of incorporation,[1]:73 or 15 July, the date of the first annual general meeting.[3] In the same year the rest of the shares were floated on the Shanghai Stock Exchange.[3] The company also signed a leasing agreement with Dongfeng Motor Corporation, regarding the land lease and trademarks.[3]

In 2001, the shares held by Dongfeng Motor Corporation were transferred to an intermediate parent company Dongfeng Motor Group (Chinese: 东风汽车集团股份有限公司; known as Dongfeng Motor Co., Ltd. (Chinese: 东风汽车有限公司) at that time), as part of a debt restructuring.[1]:73 In 2003, the shares were transferred again, to a Sino-Japanese joint venture [new] Dongfeng Motor Co., Ltd. (Chinese: 东风汽车有限公司).[1]:73

In 2010, it was reported that the company started to built its electric bus assembly line.[6]

SubsidiariesEdit

current
former

DFAC acquired 51% stake of Zhengzhou Nissan Automobile (Chinese: 郑州日产汽车有限公司) in 2005 for CN¥352 million from two other state-owned companies: CITIC Automobile (of CITIC Group) and Zhengzhou Light Vehicle Works (Chinese: 郑州轻型汽车制造厂).[7] DFAC also subscribed a capital increase of Zhengzhou Nissan, for CN¥530 million in 2008.[8] On 13 June 2017, DFAC announced to sell Zhengzhou Nissan to the direct parent company Dongfeng Motor Co., Ltd. for about CN¥788 million, subject to the approval of extraordinary general meeting.[8][9] It was approved on 28 June.[10]

Joint venturesEdit

Dongfeng Cummins Engine Co., Ltd. (Chinese: 东风康明斯发动机有限公司; abb. DCEC), a joint venture of Cummins and Dongfeng in Xiangyang (formerly called Xiangfan), was established in 1995.[11] It manufactured heavy duty vehicle engines.[12]

ShareholdersEdit

As of 31 December 2017[1]

DFAC was majority owned by a joint venture Dongfeng Motor Co., Ltd., making DFAC was indirectly owned by the Chinese Government (via Dongfeng Motor Corporation), the French State (via Renault), H share shareholders of Dongfeng Motor Group and other shareholders of Nissan and Renault (via Nissan).

The Chinese Government also owned an additional 2.74% shares via their sovereign wealth fund Central Huijin as the second largest shareholder of Dongfeng Automobile Company.

FootnotesEdit

  1. ^ known as 东风汽车公司铸造三厂, literally The third foundry of Dongfeng Motor
  2. ^ Now known as 东风汽车集团有限公司, was known as 东风汽车公司 and previously 第二汽车制造厂.

ReferencesEdit

  1. ^ a b c d e f g "2017 nián nián dù bào gào" 2017年年度报告 [2017 Annual Report] (PDF) (in Chinese). Dongfeng Automobile Company. 31 March 2018. Retrieved 13 May 2018 – via Shanghai Stock Exchange.
  2. ^ "Constituents List" (Microsoft Excel) (in Chinese and English). China Securities Index. 11 May 2018. Retrieved 13 May 2018.
  3. ^ a b c d "Dōng fēng qì chē gǔ fèn yǒu xiàn gōng sī shàng shì gōng gào shū" 东风汽车股份有限公司上市公告书 (Press release) (in Chinese). Dongfeng Automobile Company. 22 July 1999. Retrieved 13 May 2018 – via sohu.com.
  4. ^ a b "Dōng fēng qì chē lì shǐ yán gé" 东风汽车历史沿革 [Brief history of Dongfeng Motor]. ifeng.com (in Chinese). 31 August 2010. Retrieved 13 May 2018.
  5. ^ "Dōng fēng qì chē zǒng bù jīn nián nèi jiāng qiān zhì wǔ hàn" 东风汽车总部今年内将迁至武汉. 长江日报 (in Chinese). 14 January 2003. Retrieved 13 May 2018 – via china.com.cn.
  6. ^ "Dōng fēng zhù tuī xiāng fán dǎ zào xīn néng yuán qì chē chǎn yè jī dì" 东风助推襄樊打造新能源汽车产业基地. 湖北日报 (in Chinese). 5 June 2010. Retrieved 13 May 2018 – via sohu.com.
  7. ^ "2005 nián nián dù bào gào" 2005年年度报告 [2005 Annual Report] (PDF) (in Chinese). Dongfeng Automobile Company. 24 March 2006. Retrieved 28 July 2017 – via Shanghai Stock Exchange.
  8. ^ a b "Guān yú zhuǎn ràng kòng gǔ zǐ gōng sī zhèng zhōu rì chǎn gǔ quán de guān lián jiāo yì gōng gào" 关于转让控股子公司郑州日产股权的关联交易公告 (PDF) (Press release) (in Chinese). Dongfeng Automobile Company. 1 June 2017. Retrieved 28 July 2017 – via Shanghai Stock Exchange.
  9. ^ "Dōng fēng bǎn kuài tiáo zhěng: Yù lóng guǎn lǐ tuán duì chè chū bō lí zhèng zhōu rì chǎn zī chǎn" 东风板块调整:裕隆管理团队撤出 剥离郑州日产资产. 新京报 (in Chinese). 26 June 2017. Retrieved 13 April 2018 – via Sina news portal.
  10. ^ "2017 Nián dì èr cì lín shí gǔ dōng dà huì jué yì gōng gào" 2017年第二次临时股东大会决议公告 (PDF) (Press release) (in Chinese). Dongfeng Automobile Company. 29 June 2017. Retrieved 28 July 2017 – via Shanghai Stock Exchange.
  11. ^ Engardio, Pete; Arndt, Michael (22 August 2005). "How Cummins Does It: The engine maker runs different game plans in India and China". Businessweek. Archived from the original on 18 April 2011. Retrieved 13 May 2018.
  12. ^ "Introduction". Dongfeng Automobile Company. Retrieved 13 May 2018.

External linksEdit