Jinyu Wang, the king of the top 10 promotion figures in 30 years: a miracle of creating a commercial vehicle in China

The biggest topic before Wang Jinyu is that Futian, which is already ranked among the top companies in China, will continue to achieve the goal of becoming a world-class enterprise.

This story has become one of the most growing myths that most Chinese entrepreneurs are excited about and relish: a local enterprise producing four-wheeled agricultural vehicles has leapt into a full-scale commercial vehicle with light trucks, medium and heavy trucks, heavy trucks, and passenger cars within 11 years. The second largest commercial vehicle company in the world.

The director of "Myth" is Wang Jinyu, the general manager of Beiqi Foton. Despite this, Wang Jinyu rarely puts himself under the flash. He uses the clever frequency to appear in the public affairs related to the company's business and more to manage it. The other team members pushed to the stage.

It now appears that Wang Jinyu’s perseverance, his long-term strategic thinking and his profound understanding of marketization from the very beginning are all important factors that have contributed to the success of Foton, and its development and expansion model is aimed at those Companies that have achieved development through asset restructuring are undoubtedly a good example.

In 1993, 26-year-old Wang Jinyu became the director of Shandong Zhucheng Motor Vehicle Factory, which produces agricultural vehicles. By 1996, before the establishment of Beiqi Futian, this factory had been led by Wang Jinyu to make China's largest agricultural vehicle production plant.

In 1994, Wang Jinyu, who was dissatisfied with the status quo, made a key decision and merged with Beijing Auto and Motorcycle Company to make the factory upscale.

Two years later, after careful consideration, Wang Jinyu took the form of reorganization of assets to unite with 99 other legal entities and jointly initiated the formation of Beiqi Foton Co., Ltd. Among the 100 corporate shareholders, there are 55 host plants and 45 distribution companies. In the 13 provinces, municipalities and autonomous regions of the country, this was known as the “100 Man-made Man-made Fukuda” at the time.

This is obviously an institutional innovation. In this way, Wang Jinyu used property rights and products as a link to integrate Futian's resources with suppliers and dealers and promote each other to form strategic alliances and build a large platform for Futian. This is seen as a typical case of successfully configuring resources.

Afterwards, non-stop Wang Jinyu started the low-cost, high-profile expansion of Fukuda.

On June 2, 1998, "Fukuda Motors" was listed on the Shanghai Stock Exchange. At the time, many people were unaware of what the stock market was. Fukuda raised 323 million yuan through the listing for the continued development of Futian. When Zhao Jingguang, deputy secretary of the Party Committee of Beiqi Futian and news spokesman, recalled the scene from the “Automobile Business Review”, he felt very admired: “Wang always studied mechanics, but at that time he had already studied finance and the stock market.”

Futian then registered with Beijing Futian Environmental Protection Co., Ltd., and more than 100 shareholders are located in 27 provinces, municipalities, and autonomous regions across the country. Futian is the largest shareholder and is responsible for overall operations. Later, through allotment, acquisitions, mergers, reorganizations, holdings, and equity participation, many state-owned enterprises and state-owned assets were efficiently gathered under the command of Fukuda.

In 1996, the new three-step development plan that was established at the time of the establishment of Futian was to achieve 360 ​​billion yuan in revenue in 2000, but Wang Jinyu and his leadership team quickly realized that if it was only limited to the field of agricultural vehicles, even if Agricultural vehicles are all produced by Foton, but the capacity is only 20 billion yuan. Enterprises must do big things, and getting started is the only way. At the end of March 1998, on the eve of the cancellation of the Ministry of Machinery, Foton obtained a list of cars for production.

Although many leaders and experts at that time did not understand why the “boss” who had farm vehicles left did not do it, they preferred to go to the automotive industry to be “workers.” But now, it seems that this adjustment is decisive in the entire development process of Foton. . In fact, no matter whether he entered the automobile field from the same year or Wang Jinyu’s decision on the layout of Foton products, from light trucks to heavy trucks to passenger cars, etc., every time Wang Jinyu got the market’s attention from other people’s skepticism and blind opinion. Recognition.

This understanding of the strategy benefits from his sensitivity to macroeconomics and industry trends and their development, and his emphasis on strategy and market research. From the outset, Futian has a strategic development and research department that has absorbed many doctoral or master's degrees. They judge the market potential and direction from the economic trend, market capacity, and product life cycle analysis, and minimize risks for Futian entering a new market.

Obviously, Wang Jinyu created a set of expansion paths suitable for the development of Futian and also created a “Fukuda Speed” miracle.

From 1996 to 2002, Foton Motor was one of the newcomers, with an annual growth rate of 68% or more, and it has become the fifth highest production and sales ranking in China's auto industry. In 2004, the average monthly growth rate of Foton Auman Heavy Trucks More than 200%. In 2007, Foton sold 409,900 vehicles a year and became the world's second-largest commercial vehicle company after Mercedes-Benz. In terms of quantity alone, Foton ranks first in the world. From January to August 2008, in the downturn of the industry, Foton resolutely maintained a steady growth momentum.

Thanks to the infusion of marketable genes from the very beginning, Wang Jinyu not only made Foton quickly become the base for a full range of commercial vehicles, but also greatly expanded the breadth and depth of marketing in China's commercial vehicle sector. Domestically, it is from Futian that there is a truck. Marketing concept.

From light trucks to heavy trucks, to buses, SUVs, etc., the joining of various talents has provided manpower protection for the rapid development of Futian, and Wang Jinyu does not attach much importance to talents. He personally went to Detroit to recruit talents. Zhao Jingguang clearly remembered that Wang Jinyu once said such things as: "The leaders of enterprises must use people first, and the second key moment must come up with solutions."

Now Wang Jinyu still maintains the habit of becoming a young man. Whether he is in Beijing or on a business trip, he insists on running more than 5 kilometers every morning, rain or shine, and never changes his low-key rational personality.

Now Wang Jinyu has led Futian to successfully complete the first phase of the strategy to concentrate on light truck products and the second phase to realize the development of a full range of commercial vehicles, and enters the third stage of a strategic period of globalization.

Of course, today's commercial vehicle companies in China are not the only ones in which Futian has global ambitions. But compared to other Chinese counterparts, Futian’s advantage lies in pioneering a clearer structure and a relatively complete cooperation mechanism. Cooperating with Cummins to build a light engine will lay the foundation for Fukuda to maintain its light truck advantage in the international market in the future. After 5 years, they signed a letter of intent with the Mercedes-Benz Commercial Vehicle to establish a joint venture company. He hopes to further enhance the competitiveness of Foton in the heavy truck field. In this letter of intent, Futian strives to produce only the Auman brand at the joint venture company for commercial use in the future. Car joint venture cooperation provides another model that can be referred to.

Wang Jinyu is also stepping up the pace of internationalization of marketing. Although accelerating integration into the global industrial system puts Chinese companies at risk of uncertainty, Wang Jinyu knows that only those companies that gradually implement internationalization, rapid growth in scale, and competitiveness will finally be able to persevere. This is especially true for Chinese auto companies.

The "Automotive Business Review" believes that the biggest issue facing Wang Jinyu now is that Futian, already listed as one of China's outstanding companies, will next realize how to achieve the goal of becoming a world-class enterprise.

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