标致雪铁龙集团（PSA Peugeot Citroën）对美国通用汽车集团欧洲子公司（GME: 欧宝与沃克斯豪尔）的收购正在紧锣密鼓地进行之中。今年7月5日，欧盟反托拉斯机构正式批准了这桩价值23亿美元的收购项目，也预示着这一交易的完成已进入倒计时。然而，不少复杂的细节问题却依旧有待解决，包括将通用的知识产权从欧宝中拆分出来，工程技术、整体设计、信息技术和共用平台的权益分离问题，以及通用和GME(欧宝与沃克斯豪尔)车型共享的相关问题（最具代表的当属欧宝英速亚（Insignia）和其美国的“同胞兄弟”别克君威）。此外，工厂和员工队伍的也亟待重新整编。

那么，当收购案尘埃落定之后，这些问题将如何解决？对此，SAE欧洲区的编辑Stuart Birch造访了位于英国卡迪夫大学的汽车工业研究中心（the Center for Automotive Industry Research），见到了该中心的联合总监Paul Nieuwenhuis博士，就该案的一些关键问题和之后可能产生的影响对他进行了采访。

SAE：知识产权问题多半都是收购案讨论的核心议题。这一问题要如何解决？

Paul：这的确是一个复杂而又敏感的问题，其中有很多东西是供应商尤为关注的。对于标致雪铁龙的入主，其实供应商能左右的改变并不多，而在某些情况下，整车厂（OEM）可能会比较强势。但我觉得，还是应该具体问题具体分析，比如在通用和萨博（Saab）分道扬镳时，就在知识产权问题上做出过很大妥协。不过，这次和标致雪铁龙的谈判，结局应该是皆大欢喜的。我认为谈判不会因为供应商、标致或者通用其中某一方的利益问题而停滞不前。

毫无疑问，当前的第一要务是要尽可能稳住供应商，才能将这一收购的成本降到最低。然而，要让欧宝重回盈利的轨道，就要求欧宝至少在最初阶段能够独立经营。回看过往的类似案例，我并不认为知识产权是一个大问题。这一收购案有点像英国脱欧：大家都希望这么做，所以最终一定会完成。

SAE：在标致雪铁龙看来，GME(欧宝与沃克斯豪尔)最突出的优势是什么？是汽车设计、研发技术，还是制造能力？对于沃克斯豪尔（即欧宝旗下的英国汽车品牌）来说，是否除了其英国的制造工厂易主之外，其品牌战略是否也将会有所变化？

Paul：（欧宝）最突出的优势应该是生产能力和市场推广，这些是标致一直以来都有待提高的地方，毕竟这是德国的民族特性所决定的。我们还不知道标致对这个品牌长期的规划如何。理论上来看，欧宝的未来可能会和大众集团（VW Group）旗下的西班牙品牌西雅特（SEAT）或捷克品牌斯柯达（Skoda）一样，既保留其自身特色，同时也共享大众旗下品牌的共同特点。

表面上看，标致集团和GME(欧宝与沃克斯豪尔)存在竞争关系，交集也不少，这可能会带来一些挑战，但考虑到标致集团过往对标致和雪铁龙有很精准的差异化定位，可以说在同级别车型中，这两款车之间的区别还是很明显的。此外，同一级别车型中的三个不同品牌并驾齐驱，也意味着集团可以在平台及部件共享方面有更大的作为。

对于法国人而言，沃克斯豪尔这个品牌的知名度几乎为零。直到前几年，沃克斯豪尔还是一辆特点鲜明的英国车，然而，之后的车型多少都在向欧宝靠拢，只不过车标不同。

SAE：在您看来，车辆平台和动力系统的共享会成为两家公司未来发展的基础吗？

Paul：不错。所以，两家公司首先要做的就是弄清哪些部件的供应商可以共享，以及在哪些部件上可以通过规模效益节省开支。在这一阶段，双方应该互不干涉，在各个的产品团队分别开展工作。当然，如果大家有一天看到欧宝搭载在标致雪铁龙的底盘上（或是雪铁龙使用了欧宝的平台），也没什么好惊讶的。不过，我们还不知道欧宝到底会带来些什么，但欧宝的一些车辆平台（比如专供别克使用的底盘）未来几年应该还会继续生产使用。

标致雪铁龙也会关注欧宝的专业优势，尤其是在技术研发或商业运营方面的实力。在车辆电气化方面，法国应该是目前走在欧洲前列的，而欧宝的电动汽车产品则主要仰仗美国通用研发团队（GM R&D）的研究成果。

SAE：您是否认为各个品牌的特色都会得以保留，并且也都会继续展现两国不同的汽车文化呢？

Paul：我确信双方会朝这个目标努力，尽管沃克斯豪尔可能不包括在其中。标致雪铁龙应该会希望保留欧宝这一品牌，并且可能希望通过欧宝继续提供对通用汽车在澳大利亚的子公司霍顿（Holden）的支持。和美国的别克一样，霍顿很快也会停止自主研发。

SAE：新公司的生产能力将不可同日而语，这也意味着很多工厂将会关闭。对此，您有什么看法？会产生那些相应的风险？

Paul：从英国脱欧的角度来说，脱欧前，英国境内的工厂确实危在旦夕，但是脱欧以后，这些欧盟区以外的工厂就很有价值了，比如说，要从英国把车运往澳大利亚或是美国就会方便不少。

因此，脱欧对新公司而言可能还是利大于弊。不过，我们还要考虑从欧盟国家进口零部件的问题，比如从法国和德国进口就会遇到关税较高的问题。此外，卡车货运也可能因边境管制而造成延误，那么需要及时交货的业务就会受到影响。这就意味着需要留足更多的库存，还要建专项专用的仓库来存放这些物资。而零部件的货源也会更多来自英国当地，哪怕数量很小。   

欧宝、标致和雪铁龙在西班牙都有工厂，其中，标致的工厂建在马德里附近，雪铁龙在维戈（Vigo），欧宝则是在萨拉戈萨（Zaragoza）。而当底盘实现共用后，集团应该会希望让工厂都建在一起。

SAE：从战略角度而言，您个人对这次的收购是怎么看的？

Paul：我想，从公司规模的角度看，效果是显而易见的。之前，标致集团在规模上很难与其竞争对手抗衡，而如今，则可以和那些大公司“扳一扳手腕”了。从总体规模上看，世界主要汽车公司每年的新车产量至少应在500万到1000万辆。有了欧宝的加入，标致集团如今可以刚好达到这一数字了。所以，倘若把整体规模的提升作为一个重要的参考因素，标致集团对欧宝的这次收购，可谓是明智之举。不过，并非所有人都这样认为，毕竟这还取决于收购之后的运营是否成功。至于最终的答案，我们只有拭目以待了。

(SAE中国办公室注：本文撰稿于8月1日之前，法国标致雪铁龙集团8月1日发表声明表示，公司已经完成对通用汽车旗下欧宝和沃克斯霍尔品牌的收购，成为仅次于德国大众的欧洲第二大汽车厂商。)

The $2.3 billion purchase of General Motors Europe (GME: Opel and Vauxhall) by PSA Peugeot Citroën is moving rapidly to its completion. On 5 July 2017, EU antitrust authorities approved the proposed acquisition. But complex issues remain in unraveling GM from Opel on intellectual property rights, and who gets what regarding engineering and design, IT and shared platforms. There's also the issue of GME shared models, notably the Opel/Vauxhall Insignia sold as the Buick Regal in the U.S., as well as plant and workforce rationalization.

What to expect when the smoke clears? SAE's European Editor Stuart Birch asked Dr. Paul Nieuwenhuis, co-director of the Center for Automotive Industry Research at Cardiff University, about the key aspects of the deal and their possible outcomes.

Q: Intellectual property rights (IPR) will presumably form a very significant element of the take-over discussions; how will this be achieved?

It is a complex and delicate area and much of it concerns suppliers. There’s not a lot they can do about PSA coming on the scene and in some situations OEMs can be quite heavy handed. But I feel in this instance it will be worked out on a case-by-case basis. There were some IPR issues when GM parted with Saab that required considerable negotiation. But I think with PSA there will be a happy ending. It is not in the interest of a supplier nor of PSA and GM for it not to work out.

There has been confirmation that the first priority is consolidating suppliers as much as possible to make savings from joint purchasing of higher volumes. However, there is also a requirement for Opel to return to profitability, which suggests it is going to be run as a separate division, at least initially. From similar cases, I don’t regard IPR it as having been a big issue. This take-over is a bit like Brexit: Everyone wants it to work so you make sure it does.

Q: What will PSA regard as the salient strengths of GME – design, technology, manufacturing capability? And apart from its U.K. plants, would Vauxhall just be regarded as an exercise in badge engineering?

Salient points will be production capacity and access to markets where PSA products are traditionally not in a strong position–like Germany! We don’t yet know how distinct PSA will keep the brands in the long term. Mechanically, products may be shared much as they are within the VW Group, which has with distinctive styling identities for some brands including SEAT in Spain and Skoda in the Czech Republic.

On the face of it, PSA and GME have competing ranges, so a lot of overlap. Much is made of this by some, but noting how PSA has been able to differentiate Peugeot and Citroën, I think if anyone can differentiate within similar segments, it is them. In addition, running three main brands in similar segments provides much greater scope for platform and component sharing.

Looked at from a French perspective the awareness of the Vauxhall brand is probably very close to zero. Until more recent years, Vauxhalls were a distinctive, U.K. product, but later models became more or less Opels with a different badge.

Q: Presumably platform and powertrain sharing will be one of the foundations on which the future will be built for both companies?

Yes. So the first thing would be to see where they can share suppliers and get some economies of scale on components. They’ll get through this phase by working with individual product groups. There is no reason to think we will not see an Opel with a PSA platform and vice versa. But we don’t yet know what Opel input there will be. Also, some Opel platforms (such as those for Buicks) will continue to be manufactured for some years.

PSA will also look at Opel expertise among its workforce: where their technology or business strengths are. As for electrification, France is now regarded as probably being ahead of any other country in Europe; Opel’s presence in that sector has mainly come from GM R&D in the U.S.

Q: Do you feel the individual brand signatures of each marque will be maintained and that each will continue to present its national identity?

I am sure that’s what they will try to do although Vauxhall may be an exception. PSA will want to maintain the Opel brand and may continue to use it to supply GM’s Holden in Australia, which soon will no longer build its own cars, as well as Buicks for the US...

Q: Production capacity of the new company will be considerable, which almost certainly means plant closures; what is your view on this and which are likely to be at particular risk?

Pre-Brexit, it looked possible that plants in the U.K. would be at risk, but post-Brexit it might be thought useful to have plants outside the European Union, for example it could make sending cars to Australia and to the U.S., easier.

So Brexit might work in the new company’s favor. But then we have to consider the situation regarding components supplies from countries such as France and Germany possibly being subjected to import tariffs. Also, delivery trucks might face border control delays, so just-in-time delivery may be affected and that would mean the need to hold more stock and to create facilities—possibly purpose-built—to store it. It could also mean sourcing more locally in the U.K., although volumes may be too small.

In Spain, there are Opel, Peugeot and Citroën plants; when shared platforms are introduced, PSA may wish to bring things together: Peugeot has a plant near Madrid, Citroën in Vigo and Opel in Zaragoza.

Q: What is your personal strategic view of the PSA take-over?

I think it a good idea from a scale aspect; PSA was struggling regarding scale and couldn’t keep up with its rivals. Now they will move ahead to play with the “big boys. To qualify that means a capacity of between at least 5 to 10 million units per annum. With Opel, PSA will now be up there—albeit only just. So the future for the PSA takeover of GM E looks good if that achievement of increased scale is regarded as important. But not everyone may be convinced that it is; it depends what is done with it! For that answer we will have to wait and watch.

Author: Stuart Birch
Source: SAE Automotive Engineering Magazine