On November 23, 2007, the foundation laying ceremony for the joint venture between China First Automobile Group and the SALINAS Group in Mexico to build a production base for economical cars was held in Moreira, Michoacán, Mexico. Mexican President Calderon personally congratulated and laid the foundation stone. Also attending the groundbreaking ceremony were Chinese Ambassador to Mexico Yin Hengmin, Economic Counselor Chen Yuming, Mexican Minister of Economy, Minister of Supervision, Minister of Communications and Communications, Minister of Defense, Governor of Michoacán and local government officials, and China FAW Group Corporation. Manager Yan Yanfeng, Wang Gang, General Manager of Tianjin FAW Xiali, and Salinas, President of Salinas Group, Mexico. People’s Daily, Xinhua News Agency, China Radio International, CCTV and other mainstream media in China’s Central Government and Mexico’s mainstream media also witnessed this solemn occasion.
The joint venture plant is jointly funded by FAW Group and Salinas Group with a total investment of no less than US$150 million. It is expected to complete the construction in 2010 and the annual production scale will reach 100,000 vehicles. The product will use the first car FAW trademark. At that time, Xiali and Weizhi, the economic cars of Tianjin FAW's China FAW Group, will sail from here to millions of Mexican families.
The Salinas Group of Mexico was founded in 1906 and is one of the top five consortiums in Mexico. It has a history of 101 years. It employs 55,000 people. In 2006, the company's total turnover exceeded 6 billion U.S. dollars, accounting for 0.6% of Mexican GDP. Business areas include business, finance, media, telecommunications, and transportation.
Mexico's population of 106.9 million (at the end of 2006) ranks second in Latin America with a per capita GDP of US$6,300. At present, the Mexican market is dominated by high-end cars, and the economic car market has great potential. Automobile manufacturing is a pillar industry in Mexico. Since joining the North American Free Trade Area in 1994, it has introduced advanced production lines to become one of the top- and middle-grade automobile producing countries, and has become the world’s sixth-largest automobile producer, ranking only after Japan, the United States, China, the European Union, and Canada. GM, Ford, Toyota, Volkswagen, Chrysler, Honda, Nissan, Hyundai and other multinational companies have set up factories in Mexico. Cadillac, Lincoln and other models are produced in Mexico. In 2006, Mexico produced 2 million cars, of which 1 million were sold in Mexico and the rest exported to other countries. Mexico plans to increase its existing production capacity to 3.5 million by 2010 and increase its exports to 2.5 million.
In recent years, China FAW has continuously accelerated the pace of internationalization of its operations. It has established more than a dozen representative offices, subsidiaries, assembly bases and more than 50 business agencies overseas, forming an international business agency network that has begun to take shape. While consolidating the traditional markets in the Middle East and Southeast Asia, China FAW focused on expanding the CIS and African markets. The establishment of a joint venture in Mexico this time is the first time that China’s auto companies have set up factories on an overseas scale. This shows that FAW has a greater commercial operation in Latin America, and it also makes the development of overseas regional markets under the FAW operation internationalization strategy more balanced. This move indicates that China’s large-scale state-owned auto enterprise groups have taken an in-depth development in their participation in international competition, and it is of great significance to enhance the charm and image of “Made in Chinaâ€.
Representatives of both China and Mexico stated that through the sincere cooperation and joint efforts of both parties, FAW Group will be able to provide Mexican consumers with more and more applicable products and better and better services, thereby demonstrating the cultural essence and brand connotation of Chinese manufacturing. At the same time, it will also provide a large number of employment opportunities for the local people and will drive the development of the Mexican automobile industry. Both parties hope that the cooperation in the field of automobile production and sales will be a complete success.
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