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As early as the beginning of 2014, when Vanke implemented the "business partner system", "barbarians at the door" was one of its concerns at that time.

But who is a "barbarian" and what kind of person is a "barbarian"?

"Barbarians at the door" is used by Wall Street in the United States to describe those hostile purchasers.

The Barbarian at the Door describes the cause and effect of RJR Na Beske Company’s acquisition with documentary reports, reproduces the most famous corporate battle in the history of Wall Street, and comprehensively shows how enterprise managers obtain and master the controlling stake of the company.

The Paper (www.thepaper.cn) was authorized by Yong Yang, general manager of Hong Ren Investment, to reprint the book and the M&A case published by Hong Ren Investment Micro Signal.

In 1980s, the acquisition of RJR Beske Company in the United States was called a classic battle of KKR, a veteran PE. Known as the "Great Acquisition of the Century", this transaction shocked the world with a purchase price of $25 billion, making it the largest leveraged buyout in history, which made the subsequent acquisitions far behind.

The acquisition campaign was mainly launched between the senior managers of RJR Na Beske Company and KKR (Kohlberg Kravis Roberts & Co.), a famous acquisition company, but due to its huge scale, many of them were

Direct or indirect participation of investment banks and financial institutions such as Morgan Stanley and First Boston.

Barbarian at the door

Target enterprise: RJR Na Beske Company.

As the largest food and tobacco producer in the United States, Reynolds-Na Beske Company was formed by the merger of American veteran food producers Standard Brands Company and Nabisco Company and RJR Company (manufacturer of Winston, Salem and Camel brand cigarettes), one of the two largest tobacco companies in the United States. At that time, it was the 19th industrial company in the United States, with 140,000 employees. It owned many famous brand products, including Oreos, Lezhi biscuits, Winston and Salem cigarettes, and Life Savers candy, which were distributed in every retail store in the United States. Although the food business of RJR Na Beske Company has expanded rapidly after two mergers, the rich profits of tobacco business still account for about 58% of its main business.

In the first two years after the merger, RJR Na Beske Company’s profit increased by 50% and its sales performance was good. However, with the crash of the stock market on October 19, 1987, the company’s stock price plummeted from the peak of $70. Although the company bought a lot of its own shares in the spring, the stock price did not rise, but fell to $40. In December, although the company’s profit increased by 25%, and the food stocks were also rising, the shares of RJR Na Beske Company were still neglected due to the influence of tobacco stocks, and 60% of its sales still came from Na Beske Company and Delmonte Food Company. The company tried to put the tobacco and food business together, but it didn’t work at all, and the decentralized management lost its effectiveness.

Merger and acquisition: management of RJR Na Beske Company.

The senior management of RJR Na Beske Company headed by Ross Johnson is the initiator of this acquisition. This group includes the head of Reynolds Tobacco Company-Ed Horichgen, Chairman of the Board of Directors of Na Beske Company Jim Welch, General Counsel Harold Henderson, independent director and consultant Andrew G.C. Sage II, etc.

Ross Johnson, who doesn’t have much ability in management, was still unknown in American business at the age of 40. With the help of a headhunting company, he became the president of a sign company. In 1984, Ross Johnson became the CEO of Na Beske Company. In 1985, he completed the merger of Reynolds-Na Beske Company. The next year, he became the CEO of RJR Na Beske Company. Johnson dares to innovate. Under his leadership, Reynolds Tobacco Company produced products with an output value of $1 billion within one year.

However, although this company is rich in cash, it is relatively conservative and closed in culture. The enterprise managers have long lost the creativity and enterprising spirit of the founders, and they are cautious in decision-making and rarely make breakthroughs. Johnson’s arrival didn’t bring much innovation to his management. His biggest hobby is spending a lot of money.

Johnson won’t be noticed if he just stays on extravagant consumption. He has a more ambitious plan, that is, through the management participation in the acquisition, RJR Na Beske Company will be turned into a private enterprise.

Merger and acquisition: Kohlberg-kravis-Roberts Company (KKR).

KKR was founded in 1976. As a PE company, KKR has outstanding performance, and it is good at MBO, which is commonly referred to as "management buyout". However, with the further understanding of leveraged buyout by others, the number of leveraged buyout companies gradually increased, and by 1987, there was a phenomenon of industry crowding. Kravis and Roberts made a decisive decision: lock the business target in the bulk acquisition business of $5 billion to $10 billion. Because few people get their hands on such a big business, KKR has already had such big deals as $6.2 billion for Beatrice, $4.4 billion for Safeway and $2.1 billion for Owens-Illinois.

From June, 1987, KKR began to use all public methods to raise funds. In order to stimulate more investors to join, the company proposed that the management fees of all transactions completed before 1990 could be reduced. By the end of the fundraising, the funds raised had reached 5.6 billion US dollars.

Acquisition process

In October, 1988, the management represented by Ross Johnson, CEO of RJR Na Beske Company, proposed to the board of directors that the management buy the company’s equity. The management’s MBO proposal includes the plan to sell the food business of RJR Na Beske Company after the acquisition, and only keep its tobacco business. Its strategic consideration is based on the market’s underestimation of the huge cash flow of tobacco industry, and the food business is not fully recognized for its value because it is mixed with tobacco. Reorganization will eliminate the unfavorable factors of market underestimation, and then gain huge profits.

Ross Johnson and Hilsen’s leveraged buyout plan hit it off. Both sides agreed that the price of RJR Na Beske’s stock should be around 75 dollars per share, which is higher than the market transaction price of 71 dollars, and the total transaction price reached 17.6 billion dollars. Because Hilsen wanted to complete the transaction independently, they didn’t have the power to introduce junk bonds, and all the funds of about $15 billion needed loans from commercial banks. Trust Bank seized the opportunity to provide financing for leveraged buyouts of blue-chip companies, and raised $16 billion worldwide, but according to Hilsen’s accounting, it was only $15.5 billion.

Investment bankers on wall street still reacted instinctively: this bid is too cheap! Johnson is robbing the company! Just as Johnson and Hilsen were having wishful thinking, KKR’s bid participation made the MBO planners wake up from a dream. In sharp contrast to the spin-off planned by CEO Ross Johnson, KKR wants to keep all its tobacco business and most of its food business, and KKR has made a bid of $90 per share. The contest between Hilsen and KKR began.

Hilsen chose to cooperate with Salomon Company to raise funds, but Hilsen could not confront KKR in terms of intelligence and financing. KKR has drexel and Merrill Lynch as consultants, and introduced a tender to buy PIK preferred shares, the price reached $11 per share, which was close to $2.5 billion. The demand for PIK shares in the world market quickly turned it into junk bonds, which meant that there were $2.5 billion in funds.

However, the exposure of the Johnson Management Agreement and the "Golden Parachute Plan" angered the shareholders and employees of RJR Na Beske Company. 525,600 restricted stock plans worth nearly $50 million, generous consulting contracts and 1,500 restricted shares each made Johnson unscathed in this acquisition, regardless of success or failure. Johnson’s greedy approach made MBO lose the support of the people. Finally, KKR won the battle with a price of $109 per share and a total amount of $25 billion.

In the last round of bidding, the difference between Hilsen’s offer and KKR was only $1, which was $108 per share. But it is not the difference in purchase price that makes the shareholders of RJR Na Beske Company make the final decision. KKR promised to give shareholders 25% of the shares, and Hilsen only gave shareholders 15% of the shares; KKR promised to sell only a small part of Beske’s business, while Hilsen wanted to sell all the business. In addition, shareholders also listed a dozen other differences. In addition, Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees. It is for these reasons that the shareholders of the company finally chose KKR Company.

The purchase price is $25 billion. Besides the syndicated loan of $14.5 billion, Dechong and Merrill Lynch also provide a bridging loan of $5 billion, waiting to be repaid by issuing bonds. KKR itself provided US$ 2 billion (including US$ 1.5 billion in equity), another US$ 4.1 billion in preferred shares, US$ 1.8 billion in convertible bonds and US$ 4.8 billion in foreign debts owed by RJR.

The signing date of the acquisition was February 9, 1989. More than 200 lawyers and bankers attended, and Hanover Trust and Investment Company raised $11.9 billion from banks all over the world. KKR provided a total of $18.9 billion, meeting the cash payment promised at the time of acquisition.

In fact, the cost of the whole transaction reached 32 billion US dollars, including more than 200 million US dollars from Dechong Company, more than 100 million US dollars from Merrill Lynch, more than 300 million US dollars from the financing of the syndicate, and KKR’s own fees reached 1 billion US dollars.

After the acquisition

After Ross Johnson, Luis gerstner became the new CEO of RJR Na Beske Company after the acquisition. He made drastic reforms to the original company and sold a lot of luxury facilities. According to the company’s report, in 1989, the company had a net loss of $1.15 billion after paying off its debts of $3.34 billion, and in the first half of 1990, it had a loss of $330 million. However, judging from the company’s cash flow, everything is still normal.

Beske’s operating profit in 1989 reached 3.5 times the previous cash flow, but Reynolds Tobacco Company is still in a state of preparation. In March 1989, RJR stopped the production of Premier brand cigarettes. Subsequently, the company laid off employees and the number of employees was reduced to 2,300. Under the leadership of the new manager, the company improved the equipment, improved the production efficiency, and at the same time greatly reduced the cost, so that the company’s tobacco profit increased by 46% in the first half of 1990. But when paying off junk bonds with cash brought by tobacco, Reynolds’ competitor Philip Morris increased his sales strength and lowered the price of tobacco. According to analysis, the tobacco market of RJR shrank by 7% ~ 8% in 1989.

The problem left by KKR is not only the poor return on capital, but also the failure of other industry leaders introduced. Whether Lou Gerstner is invited by American Express Company or Charles Harper of ConAgra, they have no experience in tobacco industry and have no enthusiasm for this business. After a continuous decline in performance, KKR had to divest Reynolds Na Beske’s remaining equity in early 1995, Reynolds Tobacco Holding Company became an independent company again, while Na Beske also became an independent food production enterprise, and Renault Company and Na Beske Company returned to their respective starting points. In the first half of 2003, Reynolds’ sales decreased by 18% compared with the previous year to only $2.6 billion, while operating profit decreased by 59% to $275 million.

Brief comment

The control struggle between investment bankers and enterprise managers, the ultimate beneficiary is the shareholders of the enterprise, which can be proved by the rich shareholders of RJR Na Beske Company after the acquisition.

In the form of acquisition. In the general LBO process, investment bankers will reach a consensus with the management of the target enterprise in advance, and complete the acquisition at a price and financing method recognized by both parties. At the same time, they will also make arrangements for the enterprise management and asset restructuring after the acquisition, try to reduce costs and improve efficiency, and sell assets to pay off debts. However, KKR company didn’t know in advance in the acquisition of RJR Na Beske, and there was no communication with the management. They didn’t even know the assets of this enterprise, so they could only participate in it in the form of bidding.

[Interpretation of Investment Bank]

Report on The Barbarian at the Door

-Merger and acquisition of enterprises and corporate governance

1. How was this merger initiated?

Managers are faced with the dilemma of stock appreciation, which makes them look for ways to raise stock prices.

RJR Nabisco’s share price hovered around 40, but it didn’t rise. Ross Johnson faced the pressure from shareholders.

Ross Johnson’s "Prime Minister" cigarette, which will be introduced to the market, is not welcomed and recognized by the market, and Ross Johnson is once again facing the dilemma of stock appreciation.

KKR company has the intention to buy RJR Nabisco, which makes Ross Johnson management team start to think about M&A, a way to safeguard their own interests and raise the stock price.

The huge return after the merger drove Ross Johnson to initiate the merger.

2. What are the motivations of the parties involved in the M&A?

KKR motivation：

Get a higher return on capital value. Because RJR Nabisco’s stock value is undervalued; At the same time, RJR Nabisco has a strong and stable cash flow, which can enhance the company’s capital value.

Enhance RJR Nabisco’s existing corporate strategy to further maximize the interests of shareholders.

The debt level is low.

Huge demolition effort.

A favorable capital structure can save taxes and fees payable.

KKR can get a huge handling fee, and has control over RJR Nabisco, sharing the profits.

Kravis’s individualism: KKR is the founder of LBO, but at the beginning of this merger, he was excluded; Therefore, due to the consideration of face and status in the field, KKR will also participate in the acquisition of RJR Nabisco.

Motivation of professional managers such as Ross Johnson：

The tobacco industry is undervalued by the market.

The influence of tobacco industry and the value of food industry are also underestimated by the stock market.

The management can make huge profits from this acquisition.

First Boston Group：

Get rich rewards in the acquisition to develop the enterprise, revitalize the company’s business and obtain customer sources.

Faustmann：

Ted Faustmann hates junk bonds, while kravis uses junk bonds the most, and Faustmann is angry with kravis. Hilsen has no outstanding talents in leveraged buyouts. This is an opportunity for Faustmann, and he will not miss it.

summary：

1, the stock is undervalued.

2. Make huge profits

3. Revitalize the business

Represented by the management: the business is bigger and the stock price is raised.

3. Who decides the outcome of the merger?

The final outcome is decided by the special committee (shareholder) established by the board of directors; However, the behavior of Ross Johnson management, KKR and other acquisition teams and M&A strategies have an impact on the outcome.

Due to the exposure of Ross Johnson’s "Golden Parachute Project", shareholders saw the greed of management; In addition, the Ross Johnson team can’t keep all the business systems after the acquisition, and can’t guarantee the interests of employees, which makes the special committee set up by the board of directors more inclined to KKR in the later stage of the acquisition.

Compared with Ross Johnson team, KKR is more humanized; They promised to keep the whole business of the company after the acquisition; To ensure the welfare of employees, shareholders can get more equity, thus gaining the support of shareholders.

4. What are the factors that affect the success or failure of LBO?

The development strategy of the company with multi-interests after merger and acquisition put forward by the sponsors.

Purchase price at the time of merger and acquisition

Strong and stable cash flow of M&A sponsors

Analysis and mastery of competitors’ strategies; As the saying goes, know yourself and know yourself.

Get the support and affirmation of the management of the enterprise or the people who have influence on the merger and acquisition results.

Reasonable standardization of operating procedures

The advantages and disadvantages of the special Committee and its influence

Whether the acquired subject matter is suitable: stable cash flow.

Bid, financial planning

5. How is the purchase price formed in the case?

A comprehensive analysis of the target acquisition company

Enterprise development strategy

Company operation

Financial status of the company

enterprise value

Strategic promotion of acquirer and future cash flow forecast

Financing scheme design and value evaluation

6. Who finally benefited from this case? Who is ultimately damaged?

beneficial owner：

The winners of this merger are shareholders, who have realized the stock at a high enough price; With intermediaries, they have gained huge benefits. For example, Dechong provided a $3.5 billion bridge loan and earned $227 million, and the proceeds from selling junk securities were even more; Merrill Lynch provided a bridge loan and earned $109 million; The syndicates of 200 banks provided $14.5 billion in entrusted loans and gained $325 million in income; KKR receives tens of millions of dollars in handling fees from investors; Morgan Stanley and wasserstein each received $25 million in consultancy fees; Goldman Sachs won the auction right of Delmonte Food Company; Lazard: Obtained the auction right of ESPN. According to some sources, this $25 billion merger, in fact, the total transaction cost is $32 billion, and the money is spent like soup. It can be said that M&A is a magic weapon for Wall Street, because whether it is successful or not, Wall Street can earn fees, including consulting fees, business divestiture fees and borrowing fees.

Damaged person：

RJR Nabisco was burdened with heavy debts. In 1989 alone, it paid $3.34 billion in debts, with a net loss of $1.15 billion. Market expenses and research and development expenses have been weakened, competitors have taken advantage of it, and a large number of employees have been laid off.

7. Compared with LBO, what are the distinctive features of MBO?

Specificity of MBO acquisition subject.

The MBO acquirer is mainly the current management of the target enterprise or the legal person or other organization established or controlled by it.

High financial leverage of MBO acquisition financing.

With the help of a large amount of external debt or equity financing, the high financial leverage of the financing scheme determines the high risk and high return of the acquisition itself.

Transfer of actual control right of target enterprise after MBO acquisition.

To a certain extent, the target enterprise has realized the integration of ownership and management rights, and the position of management has changed fundamentally, that is, from a simple enterprise operator to an enterprise owner.

MBO can reduce agency cost.

Compared with LBO, MBO pays more attention to the development strategy of the company, rather than the short-term huge capital return.

8. What behaviors does the case show that the management has deviated from the interests of shareholders?

Management profligacy, private jets, huge subsidies, and these are all holding shareholders’ money to satisfy their own desires.

"Golden Parachute" Project

After the merger, the employee welfare and shareholders’ interests are not considered, and the food business is abandoned.

Only 15% of the shares are reserved for shareholders.

KKR scheme contains less PIK securities and more convertible bonds; Management provides more PIK securities and a small amount of convertible preferred stock.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated as originally planned. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

Start with business, not choose mergers and acquisitions

Ross Johnson donated money from the company to his wife.

9. What measures did the founder take to prevent the control right from falling by? Why is it invalid?

measure：

Launch the merger and acquisition of RJR Nabisco to prevent the delay of stock price from affecting his CEO position.

Refuse to cooperate with KKR and choose Hilsen.

"Golden Parachute" plans to protect itself.

Lay off employees and give shareholders less equity to maximize their own interests.

failure cause：

The exposure of the "Golden Parachute Plan" exposed Johnson’s greed, which made the MBO lose public support.

KKR promised to give shareholders 25% of the shares, while Hilsen only gave shareholders 15% of the shares.

KKR promised to sell only a small part of Beske’s business. But Ross Johnson and Hilsen’s leveraged buyout plan only keeps the tobacco business.

Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated according to the original plan. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

measure：

Indulge in buying, preempted local competitors and became the largest employer in North Carolina.

"Prince Albert" cigarettes, trying their best to find the photo of the Prince of Wales as a cigarette label, vigorously advertising, set off a national advertising campaign. Offer generous rebates to cigarette wholesalers and retailers to encourage them to sell this kind of cigarettes, and those who sell poorly will be punished. The plan to March across the United States was a great success.

The Court of Appeal granted Reynolds Tobacco Company independence: employees hold shares, care about employees’ lives and improve employees’ loyalty.

Reasons for loss of rights：

The eldest son is in politics, the second son is not doing business, and the chairman raises horses.

10. What did you learn from the case? Explain from the perspective of mergers and acquisitions and corporate governance.

M&A perspective：

LBO acquirers use the assets of the acquisition target as debt collateral for financing, and use the money to acquire the target company. The essence of this is to borrow money to buy equity, or to say that you are empty-handed. In fact, KKR’s own funds for this $25 billion acquisition are less than $2 billion, and the rest are from financing.

Compared with LBO, MBO pays more attention to enterprise development strategy, rather than just acquiring the target company to get huge returns in the short term.

Successful LBO/MBO originates from the strategic adjustment of capital allocation, the improvement of operating efficiency and the integration of financial technology;

Adjustment of capital allocation strategy: redefining business scope, new business unit strategy or portfolio strategy;

Operational adjustment and improvement of operational efficiency: changes in sales, cost or asset management methods;

Organizational improvement: organizational structure or business process adjustment (which may involve system or management changes);

Financial strategy: the application of financial technology and financial risk management, a new method to manage the balance sheet, a new financial structure or a new corporate legal structure.

From the perspective of corporate governance：

The internal controller system is easy to lead to the monopoly of management. In order to prevent this phenomenon, it is necessary to set up an external supervision mechanism and strengthen supervision; Mutual restriction

The board of directors should ensure independence and objectivity and safeguard the interests of shareholders.

Formulate a reasonable and long-term company development strategy, so as to ensure the long-term development of enterprises, rather than just pursuing short-term enterprise development and stock rise.

Recently, it has been exposed on the Internet.The undisguised photos of M8 in Jiejie.This M8 test car is doing a winter test in the snow. The vehicle positioning of the boundary M8 will be lower than that of the boundary M9, which is somewhat similar to the relationship between ideal L9 and ideal L8.The new car is expected to be released in early 2025.

Judging from the exposed photos, the design style of Wen Jie M8 basically continues the design style of Wen Jie M9. The front face is closed and equipped with through headlights, which are connected with the air inlets on both sides of the front bumper. butThe headlight shape of the M8 will be sharper than that of the M9.And the upper part of the lamp group is squashed, which makes it look more youthful.

Besides,The M8 is still equipped with lidar.However, the shape of the lidar module has changed, and it is no longer as prominent as the M9, and the shape will be flatter, which is believed to optimize the drag coefficient of the whole vehicle.

The body side design of the M8 is still simple, with no obvious waistline, and the front and rear wheel arches are not obviously thrown out, and it is also equipped with chrome-plated wheels with multiple spokes. At the same time,Wenjie M8 uses the design of semi-open door handle, which is somewhat similar to Zunjie’s door handle., practicality and low wind resistance.

Judging from the straight roof line of the new car, it is designed to maximize the head space of the car. It is speculated that the M8 may provide a six-seat seat layout, which is just the ideal L8.

It is expected that the new car will be equipped with the same as the M9.Extended range hybrid and pure electricTwo kinds of power, air suspension +CDC Huawei Turing chassis system should also appear on the M8.

summary

In the one year since its listing, the M9 has already received orders of over 200,000 vehicles. You should know that it is a new energy SUV with a starting price of 469,800 yuan. This achievement has set a new order record for domestic large-scale new energy SUVs.

The model M8 in the asking world has the potential to become another brand-new explosion after the M9 in the asking world. Since its initial exposure, many people have evaluated it as "M9 in the asking world". However, the M8 in the asking world has not blindly copied the design of "Big Brother M9", but has made innovations in the technology of family design. Then the question is coming. What black technologies do you think will be installed in the M8?

　　[car home Information] On May 31, the State Council issued the Notice on Printing and Distributing a Solid Package of Policies and Measures to Stabilize the Economy. According to the Notice, the vehicle purchase tax will be halved for passenger cars with a displacement of 2.0 liters or less whose purchase date is from June 1, 2022 to December 31, 2022 and the bicycle price (excluding VAT) does not exceed 300,000 yuan. Based on this, major manufacturers responded positively and launched corresponding "plus code" reduction and exemption policies for car purchase concessions. We have specially summarized the latest offers of various brands for you, hoping that you can spend less money and enjoy more services when buying a car.

Haval: Haval H6 National Fashion Edition is free of purchase tax and offers discounts for all models.

　　According to the official poster, Harvard enjoys a halving of the national purchase tax to a maximum tax exemption of 12,000 yuan, and also provides 1. A gift package of 3,000 yuan (1000 yuan Commercial Insurance+2,000 yuan boutique/maintenance voucher); 2, plus financial 0 down payment 0 interest; 3: overweight replacement up to 11,000 yuan; 4. Enjoy on-site test drive service.

Geely: Binyue enjoys a cash subsidy of 2000 yuan.

　　During the period from June 1st to December 31st, consumers can enjoy 2000 yuan car purchase subsidy, up to 7000 yuan financial discount, up to 4000 yuan replacement subsidy, lifetime free traffic for the first owner, and lifetime warranty of main parts of 1.5TD engine.

Pentium: all products can enjoy purchase tax free of charge and then give commercial insurance.

　　The official of FAW Pentium said that from now on, consumers who buy all its products can enjoy full reduction of purchase tax and then give away commercial insurance, among which three products, namely Pentium B70, Pentium T77 and Pentium T99, can enjoy free commercial insurance. On this basis, FAW Pentium also introduced two policies: easy car purchase and brand-new, which are also applicable to all models:

　　1. Easy car purchase: the ultra-low down payment is only 888 yuan, and the ultra-low monthly supply and demand is about 1000 yuan; 2. Brand-new: the replacement car purchase enjoys high subsidies, ranging from 13,000 yuan for Pentium B70, 11,000 yuan for Pentium T77, 16,000 yuan for Pentium T99, 8,000 yuan for Pentium T55 and 12,000 yuan for Pentium B70S.

Beijing Off-road: Beijing BJ40 Urban Hunter Edition enjoys free purchase tax immediately.

　　During the activity, consumers will enjoy free purchase tax when they buy BJ40 urban hunter model, that is, they will be given Qian Shan car clothes. Enjoy interest-free car purchase for 3 years; Replacement subsidies up to 15,000 yuan; Enjoy the benefits of 3,000 yuan upon purchase; Gifts for the old and new, and participation in code scanning activities can get a number of welfare policies such as value-added concessions or trendy items.

SAIC Volkswagen: All departments enjoy the highest purchase tax free of charge.

　　Among them, New Tiguan L, Tiguan X, Tuyue and New Passat are free of purchase tax, and other fuel vehicle products that meet the national reduction and exemption policy are reduced by 75%. At the same time, many products of SAIC Volkswagen brand have also introduced replacement subsidies, insurance subsidies, low down payment and zero interest rate financial policies.

Volvo: Exemption/reduction of purchase tax for some models

　　Purchase Volvo XC90 (excluding T8 model) can enjoy 50% purchase tax subsidy, plus free maintenance for the whole department; When purchasing Volvo XC60 (excluding T8 model), on the basis of enjoying the national purchase tax subsidy for most models, you can also choose an additional 5,000 yuan purchase tax subsidy or lifetime free maintenance courtesy; If you buy Volvo S90 (excluding T8 models), you can enjoy an additional 5,000 yuan purchase tax subsidy on the basis of the national purchase tax subsidy for most models; When purchasing Volvo S60 and Volvo XC40, on the basis of enjoying the national purchase tax subsidy for all models, you can also get a 3-in-1 equity card package worth 1,500 yuan during the 618 period. For the above specific subsidy amount and rights and interests, please consult the dealer in detail.

Mg: up to 125% special subsidy for purchase tax

　　At present, there are seven models of MG brand on sale, namely MG5, MG 5 Scorpio, MG 6, MG ONE, MG ZS, MG Pilotage, MG HS, etc. However, according to the official poster, the "special subsidy for up to 125% purchase tax" refers to the main sales model, and the local dealer should be consulted for details.

Roewe: Some models can enjoy up to 0 down payment, 0 car maintenance and 0 purchase tax.

　　According to the pictures, consumers who purchase Roewe i5, Roewe RX5 PLUS, Roewe RX5 National Tide Edition and some models of Roewe RX5 MAX during the period from June 1 to July 31 can enjoy an additional 50% enterprise subsidy on the basis of national tax reduction and exemption.

Auchan: Buying a car in June enjoys the purchase tax subsidy.

　　According to the official, buying Auchan cars in June will enjoy the purchase tax subsidy, and then enjoy the car purchase benefits worth up to 20,000 yuan. During the activity, in addition to the purchase tax subsidy, consumers will also enjoy a cash subsidy of 3,000 yuan for ordering Auchan X5 and 4,000 yuan for ordering Auchan X7 PLUS.

　　　In addition, during the period from June 1st to June 30th, pay attention to the official live broadcast room of Auchan Auto, and you can get a gift certificate from the store for 0.99 yuan, and enjoy the test drive gift of 68 yuan at the store, and get the Changan financial welfare voucher for free and the cash subsidy of Gao 1000 yuan. In addition, in the official live broadcast room, 5.5 yuan /7.7 yuan can also grab a free maintenance coupon (including the first insurance) worth 2,880 yuan for three years and a car purchase voucher worth 1000 yuan.

Jietu: All models are free of purchase tax.

　　Jietu Automobile announced that from now on, the purchase of all models of Jietu can enjoy free purchase tax, of which the above policies reduce and exempt half of the purchase tax, and Jietu Automobile subsidizes half of the purchase tax; At the same time, Jetway will provide another 5,000 yuan subsidy for cars going to the countryside.

Mitsubishi: Outlander can enjoy a 65-year zero-interest financial policy.

　　1. Consumers can enjoy a 0-interest financial policy of 65,000 years when purchasing Outlander; 2. Participate in the 618 store head group purchase and win an oil card of up to 6180 yuan; 3. Enjoy a renewal subsidy of up to 8,000 yuan; 4. Make an appointment for a test drive to the store to win a car ticket of up to 2888.

Wuling: the subsidy for all products is up to 21,000 yuan.

　　From June 1st, consumers can purchase cars through official online channels such as LING Club App, Wuling Automobile official website, SAIC-GM-Wuling official website, and enjoy preferential policies such as a subsidy of up to 21,000 yuan for all products, 9 yuan and 9 yuan for ordering, and then paying compulsory insurance.

Chang ‘an: Some models enjoy free purchase tax.

　　Changan Automobile launched the "Changan Duty-free Car Purchase Festival", in which some models enjoy free purchase tax or a maximum reduction of 120% (including the national reduction), and the official will also provide financial coupons for car purchase. Please consult your local dealer for details.

Dongfeng fengshen: 0 purchase tax, 0 down payment, 0 interest, 5-year/10-year unlimited mileage warranty.

　　Dongfeng fengshen has introduced corresponding preferential policies to facilitate consumers to buy cars, including 0 purchase tax, 0 down payment, 0 interest, and 5-year/10-year unlimited mileage warranty. The starting and ending time is 6.1-12.31 days. At present, Fengshen has models such as Yixuan, Yixuan MAX and AX7, so you can choose according to your own needs and budget.

Nissan/Qichen: Some models are free of purchase tax.

　　Nissan has introduced activities such as free purchase tax and full insurance within a limited time, while Qichen has introduced two-year zero interest, a maximum replacement subsidy of 9,000 yuan, and a five-year double guarantee for all customers. See the figure below for specific policies. At present, Nissan’s models that meet the policy requirements include Sylphy, Hacker, Qijun, Jinke, etc., and Qichen’s models include Big V, D60 and Star.

Si Hao: Some models are free of purchase tax.

　　Sihao brand has introduced a free purchase tax policy (state subsidy 50%+ enterprise subsidy 50%) for its subsidiaries Sihao X8, Sihao QX, Sihao Yao and Sihao A5. At the same time, it also launched a preferential superposition, including fuel subsidies up to 5,000 yuan, financial subsidies up to 10,000 yuan, and replacement subsidies up to 100 million yuan. The activity time is from June 1 to December 31.

FAW Toyota: 5% tax reduction for some models

　　FAW Toyota has learned that it will increase the preferential intensity on the basis of official subsidies, and all the preferential treatments can save up to 40,000 yuan. In terms of specific models, Corolla sharp release can save about 7,000 yuan, RAV4 glory release can save 10,000 yuan, Lingfang can save 11,000 yuan, Corolla can save 7,000 yuan, Asian lion can save 8,000 yuan, and Asian dragon can save 10,000 yuan. At the same time, corolla and Asian lion models can also enjoy a gift package of 10,000 yuan on this basis.

　　In terms of financial policy, the minimum down payment for buying a new car is 40%, and a two-year zero interest rate loan is added. In terms of car replacement, the old customer replacement fund was upgraded from 5,000 yuan to 10,000 yuan. At the same time, FAW Toyota also held a group car purchase activity from June 1 ST to 6 th. During this activity, it can enjoy 0 down payment, 0 interest rate, long service life and up to 8,000 yuan replacement subsidy. If the group is successful, it can also draw purchase tax relief and 2,000 yuan vouchers.

Chery: Some models are free of purchase tax.

　　Chery Automobile announced that from now on, the purchase of Chery Automobile will be free of vehicle purchase tax (except for Tiggo 7 Series and 3x models), and the main sales model of Tiggo 8 Series can be superimposed with a red envelope of up to 6,800 yuan. In addition, from June 1 ST to June 18 th, the designated models will be purchased on relevant online platforms to enjoy 1000 yuan coupons.

Buick: Car/Angkewei family purchase tax is free

　　During the implementation of the policy of halving the national purchase tax, the purchase tax policy of Buick sedan and Angkewei family will be upgraded to 100% free, and the purchase tax of Angkeqi will be reduced to 75%, and with the superposition of financial, replacement and maintenance policies, the car purchase experience of 0 purchase tax, 0 down payment, 0 monthly payment and 0 interest will be created, so that the burden of new car owners will be cleared; In terms of MPV models, GL8 land business class can enjoy 100% purchase tax exemption, Buick GL8 ES designated models can enjoy 50% subsidy for purchase tax up to 15,000 yuan, and there are many privileges such as daily supply as low as 95 yuan, 60-term long loan, replacement subsidy as high as 8,000 yuan, and cash preservation rate guarantee of 10,000 yuan.

Chevrolet: All models can enjoy free purchase tax.

　　Chevrolet brand launched the courtesy activity of "halving the tax rate and strengthening the brand" from June 1 to June 30, and all models can enjoy the 100% free purchase tax policy and the welfare is upgraded. At the same time, the 618 brand promotion activities were also launched simultaneously. All Chevrolet models can enjoy an additional 36-phase rental scheme with a down payment of 6.18 yuan, and the new car can be easily driven home. Explorers, pioneers and cool RS can also enjoy multiple surprises and gifts such as 6.18 yuan SUV snapping up outdoor camping suits.

Cadillac: up to 15,000 yuan, the purchase tax is halved.

　　Nearly 20 models of Cadillac brand can enjoy the benefits of halving the purchase tax of up to 15,000 yuan. On this basis, Cadillac has launched the "Privileged Courtesy Plan for Anti-epidemic Angels". From now until the end of the year, on-the-job doctors and nurses in medical institutions at all levels in China can enjoy free basic maintenance for four times in three years, free car damage insurance for three years and 10,000 club points to thank angels in white for their hard work during the war. In addition, Cadillac also introduced high replacement subsidies and flexible financial solutions with low down payment and low monthly payment.

Dongfeng is popular: you can enjoy free purchase tax immediately after buying a car, and the replacement subsidy is as high as 10,000 yuan.

　　Dongfeng Fengxing announced that on the basis of halving the national purchase tax, Fengxing will subsidize the other half, and consumers will buy Dongfeng Fengxing new cars, and the purchase tax will be free. In addition, consumers can also enjoy a car replacement subsidy of up to 10,000 yuan when buying a new car popular in Dongfeng.

Ruifeng: Some models are free of purchase tax.

　　Ruifeng Automobile announced that on the basis of halving the national purchase tax, it launched the Huimin car purchase plan of "free purchase tax for star models", and enjoyed preferential benefits of up to 20,000 yuan. The specific models include Ruifeng M3 PLUS, Ruifeng M4 diesel version and gasoline manual, Ruifeng L6 MAX and Ruifeng L5, and the maximum subsidy is 20,000 yuan.

　　In addition, Ruifeng Automobile also launched 12 and 24 zero-interest financial loans, and also provided 36 zero-interest fixed loan financial portfolios. For car owners who need to increase their purchases, a replacement gift of up to 10,000 yuan and an additional purchase subsidy of 4,000 yuan will be offered.

Dongfeng Peugeot: the new 5008 to 10 thousand yuan replacement subsidy

　　Dongfeng Peugeot announced that on the basis of halving the national purchase tax, Dongfeng Peugeot has introduced preferential policies for the new 5008 model, such as the subsidy for replacement of used cars of up to 10,000 yuan, the purchase of cars with zero interest, the three-year value-added repurchase and the five-year/150,000-kilometer vehicle warranty, giving consumers certain car purchase benefits.

　　Have you been tempted to see this? Even ready to buy a car! I hope this summary of preferential policies will be helpful to your car purchase, and at the same time, this article will continue to be updated to bring you more brand preferential policies for car purchase, so please continue to pay attention! (Text/car home Zhang Xuelian)

On the Autohome Chongqing promotion channel, this much-talked-about SUV model is attracting consumers’ attention with a lot of promotions. At present, Xingtu Lanyue is conducting a real price reduction promotion, providing car buyers in Chongqing with a discount of up to 18,000 yuan. The minimum starting price has been reduced to 175,900 yuan, which undoubtedly provides car buyers with a very competitive choice. To seize this unmissable discount opportunity, you may wish to click "Check the car price" in the quotation form to lock in a more favorable car purchase plan in time.

Xingtu Lanyue has attracted a lot of attention with its unique appearance design. The front face adopts a domineering matrix grille with tough lines, and with LED headlights, it shows a strong sense of technology and power aesthetics. The streamlined design of the body combines tough muscle lines, and the overall style is both modern and stable, creating a visual experience of both luxury and sports, which is unforgettable.

This luxury SUV is distinguished by its refined body proportions. The body size is 4970mm*1940mm*1792mm and the wheelbase reaches 2900mm, creating a spacious and comfortable interior space. The side lines are smooth and powerful, showing a design concept of rigidity and softness. The front and rear wheels are 1644mm, ensuring driving stability. The tire size is 245/50 R20, and it is matched with an elegant rim style, which not only provides excellent grip, but also adds to the vehicle’s sense of movement and visual impact.

The interior design of Xingtu Lanyue highlights the sense of luxury and technology, creating a comfortable space atmosphere for passengers with exquisite details and advanced materials. The exquisite leather steering wheel adopts ergonomic design, which not only feels comfortable, but also supports manual up and down + front and rear adjustment, which is convenient for drivers to adjust according to their needs. The 15.6-inch large central control screen stands in the center and integrates multimedia, navigation and automatic speech recognition control system, providing the driver with an intuitive and convenient operation experience. As for the seat, whether it is the driver’s seat or the passenger seat, it is made of leather, providing heating and ventilation functions to ensure a comfortable ride in all seasons. The driver’s seat also has a power seat memory function to meet individual needs. The rear seats support front and rear adjustment and backrest adjustment, and some models also offer a proportional reclining function, adding more possibilities for practicality and flexibility.

The vehicle is powered by a 2.0T turbocharged engine with a maximum power of 192 kilowatts and a maximum torque of 400 Nm. This powerful engine delivers 261 horsepower and is paired with an eight-speed manual transmission to ensure smooth driving and efficient performance in all road conditions.

Overall, Xingtu Lanyue has managed to capture the discerning eye with its unique body design and the black body that owners admire. Whether it is the international horizontal design of the front face, or the exquisite body lines and headlights, it reflects its extraordinary taste and craftsmanship. For consumers who pursue individuality and comfortable driving experience, Xingtu Lanyue is undoubtedly a worthy choice.

Domestic recall in May

1. Dongfeng Motor Co., Ltd. has recalled some Xuanyi and Qashqai vehicles (84,200 vehicles).

Who: Dongfeng Motor Co., Ltd

Where: In the case of long-term high-load driving, it will cause the oil temperature of the continuously variable transmission (CVT) to rise, and the continuously variable transmission (CVT) will enter the protection mode. If you continue to drive at high load, the oil temperature may be too high and the oil will leak out, which poses a safety hazard.

What can Ido: 1) Dongfeng Motor Co., Ltd. will notify the vehicles within the scope of the recall by letter, phone, etc. through the Dongfeng Nissan franchise store for maintenance. 2) Users can call the Client Server hotline 800-830-8899 or 400-830-8899 and the Dongfeng Nissan franchise store hotline in various places for consultation.

2. Great Wall Motor joint stock company recalls some Fengjun pickup trucks (5867 vehicles)

Who: Great Wall Motor joint stock company

Where: Due to the insufficient local pressing strength of the fan-shaped tooth plate of the parking brake pull handle, the parking brake pull handle may have the situation that the lock cannot be maintained by itself and the parking brake force is attenuated when parking on a slope, and there is a hidden danger of rolling under extreme conditions.

What can Ido: 1) The special service station of Great Wall Motor joint stock company notifies the relevant owners by phone, text message, letter, etc. Please go to the nearest Great Wall Motor special service station for maintenance. 2) Users can call the consultation service hotline opened by Great Wall Motor joint stock company for this recall activity 400-666-1990 for consultation.

3. Toyota Motor (China) Investment Co., Ltd. has recalled some imported Lexus LS460L and LS600hL sedans (818 vehicles).

Who: Toyota Motor (China) Investment Co., Ltd

Where: The control program of the variable gear ratio steering system (VGRS) of the vehicles within the recall range is inappropriate. If the steering wheel return speed is too fast after the steering wheel is full, it may cause a large deviation angle from the center position of the steering wheel in a short time, resulting in driver judgment errors and operation errors, resulting in safety hazards.

What can Ido: 1) Toyota Motor (China) Investment Co., Ltd. has sent a notice to users that the replacement parts will be ready by about June 21, and will contact users again with local Lexus franchise stores for free repairs. 2) Owners can consult local Lexus franchise stores or call the service hotline 800-810-2772 or 400-810-2772.

4. Volvo Cars Ltd. is recalling some imported XC90 vehicles (571 vehicles).

Who: Volvo Cars Ltd

Where: The fuel pressure pipe of Volvo vehicles within the scope of the recall is deviated during the manufacturing process, resulting in longitudinal protrusions on the inner surface of the fuel pipe. When connected to the YouTube connector, fuel seepage may occur. When encountering external open flames or high-temperature parts, there is a fire hazard.

What can Ido: 1) Volvo Cars Ltd. has informed the relevant customers to go to the nearest authorized maintenance center for free inspection and maintenance of the vehicle. 2) The relevant car owners can also call the service hotline 400-678-1200 for consultation.

5. Volkswagen Imported Automobile Sales Co., Ltd. recalls some imported Lamborghini Bat (Murcièlago) series models (30 vehicles)

Who: Volkswagen Import Automobile Sales Co., Ltd

Where: The reason for the recall defect is that due to the influence of the fuel tank itself and the fuel vibration in the tank, the welding points of the fuel pump bracket located inside the fuel tank may be separated, and in extreme cases, the fuel tank may be damaged, causing fuel leakage, forming a safety hazard.

What can Ido: 1) Volkswagen Import Automobile Sales Co., Ltd. will notify the users of the vehicles within the scope of the recall by phone and in writing through Lamborghini franchised dealers in various places to come to the store for free inspection and repair. 2) Users can call the Lamborghini franchised dealers and Lamborghini service hotline 010-65313579 for consultation.

 

trend

Looking at the domestic recall in May, there are two characteristics: First, the hot-selling models have become the main force of the recall. The Nissan recall represented by Xuanyi and Qashqai involves more than 80,000 cars and has become the brand with the largest number of single recalls in this statistics.

Secondly, Toyota’s recall continues, the Chinese recall of some Lexus LS models of cars, is affected by foreign recalls, the number of global recalls is 11,500 vehicles, in addition to the Chinese market, but also involving Japan, the United States and other more than 50 countries and regions.

Furthermore, the largest number of domestic recalls in May were due to failures in legacy systems.

In addition, in foreign recalls, all three Japanese giants are involved, including many of their high-end sub-brands.

Finally, turn to Renault and Chrysler. The global recall of Renault Laguna has been determined to involve the Chinese market, but the specific recall plan will not be announced until the domestic review is completed. Chrysler said that it is not clear whether the global recall involves the domestic market, and Chrysler will give a clear answer as soon as possible.

 

Foreign recall in May

Japan’s Toyota Motor Corporation said on May 19 that due to problems with the electronic control system, it may cause a few seconds of transmission disconnection between the steering wheel and the actual operation of the vehicle, and recall 11,500 Lexus LS sedans worldwide. The recalled vehicle models are LS460, LS460L and hybrid LS600h and LS600hL.

2. General Motors announced on May 5 that it is recalling 19,404 Hummer H3 models worldwide. The reason is that the heat-dissipating blinds on the hood may fall off during driving. The recalled models are some Hummer H3S and H3TS models. It is understood that H3 is imported in small batches in Huawei, and there are no official statistics.

3. Renault recently announced that it will recall more than 155,000 new Laguna vehicles worldwide. The reason is that the steel link part under the seat belt lock is too long, which makes the seat belt unable to tighten the driver in extreme situations and puts the driver at greater risk.

In early May, Japan’s Honda Motor Co. announced that it was recalling 167,255 2004-2008 Acura TSX models in the United States, equipped with 2.4-liter line-four engines. According to reports, this batch of models will leak oil and smoke from the oil pressure hose of the power steering device under long-term high temperature conditions, which is a danger of fire. Honda previously confirmed a fire accident caused by oil leakage.

5. Recently, the National Highway Traffic Safety Board said that it has received Chrysler’s voluntary recall plan to recall 55,000 vehicles worldwide, involving Jeep Grand Cherokee, Jeep Commander and other models, because the ignition key of the recalled vehicles may shift before the vehicle switches to neutral, or cause the car to slip. The production date is January 8 to February 22, 2010.

On May 6, the U.S. Highway Traffic Safety Administration released information that Nissan recalled nearly 135,000 Infiniti G35 vehicles in the United States due to a fault in vehicle wiring and sensors that may cause the airbag to fail to start when the car collides. The recall is mainly for G35 sedans manufactured from 2005 to 2006 and G35 sports cars manufactured from 2005 to 2007. The official recall began in June.

Welcome to [Autohome Jinan Promotion Channel], we bring you exciting news: this luxury SUV is conducting an unprecedented promotion in Jinan. At present, the maximum discount has reached an astonishing 130,000 yuan, making the original high-end XT5 model into a more cost-effective range. The minimum starting price has been adjusted to 242,700, providing consumers with a rare opportunity to buy a car. If you are interested in the Cadillac XT5, don’t miss this once-in-a-lifetime opportunity, click "Check the car price" in the quotation form to seize this rare discount and make your car purchase dream within reach.

The exterior design of the Cadillac XT5 is full of power and refinement. On the front face, the iconic shield-shaped air intake grille highlights the brand recognition, and it is matched with a sharp LED headlight group to create a strong visual impact. The body lines are smooth, showing sporty temperament, and the overall style is both luxurious and dynamic, showing Cadillac’s persistent pursuit of detail and design.

The Cadillac XT5 features an elegant profile thanks to its refined body design. The body measures 4813mm x 1903mm x 1682mm and the wheelbase reaches 2857mm, providing ample support for the interior space. The front and rear wheels are 1645mm, ensuring driving stability. The tire size is 235/65 R18, and it is paired with dynamic rims, which not only enhances the visual effect, but also guarantees good grip and driving performance. Overall, the XT5’s side lines are smooth and coordinated, showing a sense of luxury and power.

The interior design of the Cadillac XT5 shows the perfect combination of luxury and technology. The exquisite leather steering wheel provides a comfortable grip, supports manual up and down + front and rear adjustment, ensuring that the driver can find the best control in different driving positions. The 8-inch central control screen not only displays clearly, but also integrates automatic speech recognition control functions for multimedia systems, navigation, telephone and air conditioning, which is convenient and user-friendly. The seats are made of imitation leather and leather, and the main and passenger seats support multi-directional adjustment, including front and rear, backrest, high and low and waist support, to ensure ride comfort. The front seats are also equipped with heating function, while the driver’s seat has a power seat memory function, which takes care of the driver’s needs. The second row of seats can also be adjusted to the front and back, and supports proportional reclining to meet different space requirements. Together, these configurations create the high quality and practicality of the XT5 interior.

The Cadillac XT5 is powered by a powerful 2.0T turbocharged engine with a maximum power of 174 kilowatts and an extremely powerful power output. The engine is capable of bursting out 237 horsepower at a peak, providing ample power support for the vehicle. The matching 9-speed automatic transmission ensures shift smoothness and driving pleasure, while effectively optimizing fuel economy. This power configuration allows the XT5 to perform well in daily driving and when power output is required.

Overall, the Autohome owner was full of praise for the exterior design of the Cadillac XT5. He emphasized the dynamic and stylish atmosphere of the body, believing that this unique design not only enhanced the appearance of the car, but also satisfied his needs for layering and personalization. As he said, the exterior design of the XT5 not only makes people shine, but also becomes a part of his pride, which is enough to prove its charm in the market.

The stylish, elegant and tense interior of the Mercedes-Benz GLE450 is the greatest competitiveness of the new GLE. Almost any compliment can be used to describe its design. There is no doubt that the high-end leather-wrapped + stitched interior materials are at the top of the class in terms of feel and visual effect. The four rounded rectangles located below the central control screen further enhance the power of the new GLE and distinguish it from other models. The steering wheel is in line with the new S-Class. The three-spoke shape not only reflects the young side of the new GLE, but also the feel of the metal buttons is first-class.

　

The Mercedes-Benz GLE450 is softer in design. The large-size wheels and brake discs reveal a strong sporty atmosphere. The GLE450 is constantly improving and pursuing higher quality. The tough body lines have a self-evident majesty inside, and the shiny Mercedes-Benz logo is shocking.

The distinctive feature of the Mercedes-Benz GLE450 is a sloping or vertical tailgate at the rear, which opens the door and connects the luggage compartment with the passenger space. The new Mercedes-Benz GLE450’s strong and flexible body lines make the whole body more elegant. The rear bumper is wrapped in matte aluminum alloy, which makes it full of texture and wildness. In business situations, it shows domineering, but for family members, this car brings total security.

In terms of body length, height and wheelbase, there are only minor differences between the two. The Mercedes-Benz GLE450 has a more fluid adjustment to the lower air intake grille. The front bumper has larger openings on both sides, and the lower lip is decorated with silver chrome and has a spoiler groove plan. The chrome decoration area of the lower air intake grille is increased, and the fog lamps on both sides are attempted to be removed on both sides, which is more behavioral. The new hollowed-out solid three-pronged emblem is even more distinguished.

The most admirable thing about the Mercedes-Benz GLE450 is that it seems to be very decent in the new car, whether it is an outing or attending formal settings. It is an absolute utility car! The seat adjustment is designed on both sides of the seat cushion, and it is equipped with 3 sets of memory functions. The waist support is on the front side of the seat cushion. The seats of the whole car are made of high-quality calfskin, which provides excellent comfort while maintaining quality.

The Mercedes-Benz GLE450 model is equipped with a 3.0T V6 turbocharged engine, with a maximum power of 367 horsepower, a maximum torque speed of 500 (N.m), a maximum power of 270 (KW) and a maximum power speed of 5000-6000 (rpm). In terms of transmission, it will be fully replaced with Mercedes-Benz’s latest 9AT automatic transmission. Rich driver assistance systems and high-tech configurations, night vision systems, blind spot monitoring, automatic heating wiper systems, pedestrian detection braking systems, and anti-collision driver assistance systems are all available.

When waiting for a red light, its HOLD hold function is also very practical. Whether you step on the brake or not, the accelerator can be released to hold the function, so that you can also start according to the actual situation. Safety is also guaranteed. There is also an air suspension system, which is very hardcore. When flying above 140 km/h, the body will drop to -1 level. When driving at a speed of 40 km/h, the body will rise again. In S Sport driving mode, there will be a significant acceleration and push back. Off-road mode, it can also handle many of the same shapes.

First, the brilliant debut of luxury SUV in the new era

Starting from the landmark day of September 17th, 2023, the brand-new upgraded version has created the automobile market. This luxury model takes "China Star Flagship" as the declaration, and the price is RMB 137,200.

Equipped with 2.0TD high power and the gold configuration of Aisin 8AT, it not only shows the future scientific and technological strength, but also provides a luxurious driving experience.

Brilliant power: 2.0TD high-tech +8AT gold power cooperation

It is like a fine horse on the Yuan Ye, and its maximum power can reach 175kW and 350 Nm. Whether it’s flowing between cities or exploring the unknown outdoors, L can handle it with ease.

Second, quality optimization: the blend of unique temperament and elegant design.

Xingyue L’s exclusive car paint is far away from the matte gray, like dark clouds, as deep as uncut natural stone, which can attract people’s attention with its elegant temperament no matter where you drive.

Unique car paint-Yuandai scrub ash

In the sun, the exclusive car paint of Xingyue L’s Far Dai Scrubbed Ash shows the charm of low-key luxury, just like the distant mountains containing Dai, restrained and profound.

Exquisite interior-splash-ink environment-friendly deerskin

When you enter the car, the splash-ink environment-friendly deerskin interior will immediately attract your attention. Designers draw inspiration from splash-ink calligraphy and integrate artistic touch into interior design, bringing you a comfortable ride experience.

Third, the charm of science and technology: the perfect combination of intelligent driving and the latest technology

Thanks to the Galaxy OS 2.0 system, Xingyue L has a strong scientific and technological strength in addition to luxury equipment and beautiful design. With Snapdragon 8155 chip, Xingyue L has faster response, more complete functional applications, more intelligent speech recognition, and supports super customization.

Fourth, the design is unique: interstellar shuttle, as small as the mountains.

Design of Star Shuttle Waist Line

The streamlined design of luxury car class makes Xingyue L like an explorer crossing the Milky Way, which makes people shocked by its elegant outline in one go. The high-definition active noise reduction sound system allows you to enjoy the music feast while driving. Three-zone automatic health air conditioning equipment ensures that every passenger can have the most suitable temperature.

V. Safety Commitment: Absolute safety is our bottom line.

Xingyue L not only pays attention to the luxury driving experience, but also regards passenger safety as the top priority. 24 environmental sensors accurately identify obstacles on the road, cage body and EMA steering collision avoidance auxiliary system, and strive to maximize the safety of passengers in the car.

To sum up, Xingyue L leads the trend of "China Star Flagship" with its unique design style, excellent performance, luxurious configuration facilities and iron-walled security, as if it can take you to cross star to meet future challenges.

If you want to know more about dry cars, please pay attention to me.

In May 2017, urban taxis were replaced with new seat covers

On June 8, 2011, the loving sister Hu Jinyu sent the college entrance examination candidates for free

The first generation taxi Fiat

One of the second-generation taxi models, Fukang

One of the second generation taxi models Van

The third-generation taxi new Elysee

All Media Chief Reporter Li Xinghui Correspondent Hu Jian Intern Huang Wenyan

playback

The first taxi was introduced in 1980

Although the number of private cars is increasing, taxis are still an important means of public transportation in the city. Taxi passenger transportation in Xiangyang began in 1980.

It is understood that that year, Xiangyang City Rental and Public Car Company purchased two Fiat cars for taxi passenger transportation, mainly operating chartered business.

Three years later, the number of taxis in the urban area increased to six. By 1989, the municipal government allowed state-owned, collective and individual taxis to operate in accordance with the development of the national economy. The number of taxis soared to 48, 68 in 1992 and 90 in 1993. However, at this time, the operation mode of taxis was mainly to wait for passengers and charter passengers, and still did not go to the road to pick up passengers.

In 1995, urban taxis were uniformly installed with meters, and began to carry passengers on the road, charging according to the mileage displayed by the meters.

new visit

It has undergone seven major changes

From owning the first taxi to 2018, our city’s taxi market has undergone seven major transformations.

In 1996, Xiangyang City began to implement macro-control on the total number of taxis in the urban area, and implemented the paid use of taxi management rights. In that year, taxis were uniformly replaced with "T" license plates and installed taxi headlights. In 2001, the "T" license plate number segment for urban taxis was uniformly replaced with the "X" license plate segment. There are more than ten types of taxi models such as Alto, Van, and Fukang, and the freight rates are also different.

In 2003, after the original Xiangyang County was removed from the county and set up as a district, the Xiangyang Municipal Government brought the taxis in the original Xiangyang District into the unified management of Xiangyang City. With the approval of the provincial government, Xiangyang City increased the number of taxis by 180, bringing the total to 1,700. In the same year, the municipal government decided to phase out the taxis in three years and replace them all with Fukang cars. On July 6, 2005, the last yellow-faced taxis in Xiangyang City were withdrawn from the market, and all urban taxis were Fukang models. Since August 2008, urban taxis have been gradually replaced by Elysee models.

Since 2006, in response to the impact of rising oil prices on the taxi industry, the Municipal Passenger Management Office has negotiated with the public security vehicle management, price, technical supervision and other departments, and decided to convert the fuel to gas for taxis in the city. In December 2007, the oil-to-gas conversion of taxis in Xiangyang City was completed.

In July 2013, the municipal party committee and municipal government licensed the operation rights of 500 new taxis to the municipal public transportation company, pioneering a new road of "zero docking, zero contracting, zero shift fee, and zero part money" and "public bus" in the country.

In July 2016, according to the "Guiding Opinions of the General Office of the State Council on Deepening Reform and Promoting the Healthy Development of the Taxi Industry", the city started to deepen the reform of the taxi industry. In August of the same year, urban taxis stopped collecting paid transfer fees for operating rights, and cruise taxis officially entered the stage of free use of operating rights. At the same time, the legalization of online car-hailing was quickly started. After a year of preparation, the detailed rules for the implementation of online car-hailing have been revised more than ten times and were officially announced and implemented on December 7, 2017.

On January 26, 2018, our city issued the first online car-booking business license. On March 20, 2018, the first legal online car-hailing car officially went into operation. On September 25, 2018, Xiangyang’s local online car-hailing platform "Xiangyang Travel" APP was officially launched, and Xiangyang’s taxi industry officially entered the era of "cruise + online appointment".

In October 2018, the municipal transportation department integrated the original 23 intensive management companies into three modern cruise car companies with a certain scale, further clarifying the ownership of vehicle property rights, operating rights, and company intensive management rights, and resolving industry contradictions.

Outlook

"Internet + transportation" will bring more convenience

Taxi cars have been available in our city for 39 years.

Over the past 39 years, the urban taxi industry has continued to develop through reform. Today, there are 2,200 urban cruise taxis, 4 cruise taxi companies, about 5,000 employees, a daily operating mileage of 400 kilometers for bicycles, a daily operating income of about 600 yuan, and a daily passenger volume of about 200,000. There are 15 online ride-hailing platform companies, 688 online ride-hailing cars, and nearly 6,000 drivers have applied for online ride-hailing driver licenses.

With the deepening of reform, the operating environment of taxis will continue to improve. The rapid development of "Internet + transportation" will bring more convenience to citizens’ travel.

Witnesses say

Continuously enhance the citizen’s ride experience

In December 1989, at the age of 19, Yang Yongjun joined the Municipal Passenger Transport Management Office, which was established that year, and has been a law enforcement officer for 30 years. "There were only eight people in the entire Passenger Transport Management Office at that time. Now, there are more than 30 people in our three management offices alone," Yang Yongjun said.

Yang Yongjun introduced that Xiangyang’s first taxi company was Oriental Pearl Taxi Company, which was affiliated to the Oriental Chemical Plant and had 10 Alto; after that, Hubei Chemical Fiber Taxi Company and Light Boat Taxi Company entered the taxi market; later, Auto Trade Taxi Company appeared, and the yellow face entered the lives of Xiangyang people. "In the past, we mainly cracked down on illegal operation activities, but now we mainly regulate the business behavior of licensed taxis." Yang Yongjun said that with the development of society, people have more choices when traveling. As a passenger transportation management department, we must ensure that citizens who travel by taxi have a more comfortable and comfortable riding environment, and constantly improve the public’s riding experience.

(Photo courtesy of the Municipal Passenger Transport Administration)

1905 movie network news The official announcement of the film starring in,,, and starring in, has been raised to June 12, 2021 for the national public release, opening the summer season ahead of schedule with the trend of heat waves. At the same time, the film also exposed the "Hidden Witness" version of the character poster. The promotional word "6.12 is first to dry" to fill the heat value. The poster style conveys a retro summer atmosphere. All the main characters appear and go to a summer night mystery.

　

"Once Upon a Time in the Tropics" "Versailles" lineup debuted, Peng Yuyan, Zhang Aijia and Wang Yanhui joined hands to "peek at the truth"

After the movie "Once Upon a Time in the Tropics" released the "High Temperature Warning" set poster and the "Exposing the True Killer" set trailer at the beginning of summer, the film became the top choice for audiences to watch in June, saying: "After waiting for a few years, it’s finally here"; "This lineup is too advanced"; "The trailer is so hot, the summer file is locked". Recently, "Once Upon a Time in the Tropics" has revealed the character poster again, and the official announcement has been raised for a week. It will be released nationwide on June 12, 2021. Not only will it officially enter the Dragon Boat Festival file, but it will also start the heat of the summer file in advance. The character poster released by "Once Upon a Time in the Tropics" this time, the starring actors will appear as "secret witnesses" for the first time.

Peng Yuyan’s Wang Xueming wears a dark blue hoodie with a gloomy expression that seems to have a heavy heart; Zhang Aijia’s Liang Ma has curled hair and a wistful expression, as if looking back at the past; Wang Yanhui’s Chen police officer, hidden in the hazy foreground in the dense green leaves, eyes looking forward to explore the truth; Zhang Yu’s singer, wearing sunglasses and holding a microphone, whose mysterious identity plays an unknown role in the plot; Jiang Pei Yao’s Xueming girlfriend, wearing a plain plaid blouse, with a refreshing ponytail that sets off her face more clearly. Where her relationship with Wang Xueming will go remains to be revealed.

The film "Once Upon a Time in the Tropics" gathers together a group of outstanding actors, which can be called an annual "Versailles "-style cast, including both Chinese-language film actors and the best of the new generation of actors. In the poster of the upgraded characters, everyone shows the status of the characters in the way of" staring at the camera ", as if everyone is trying to peek into the truth of the summer night mystery. In addition, the poster is more full of strong retro atmosphere. The overall tone is reminiscent of the midsummer twilight in the old South, and the yellow-green tone of the film reflects a sense of nostalgia. It is worth mentioning that the English title of the film" Are You Lonesome Tonight? "is taken from the classic song of" Elvis Presley ". The nostalgic and tender style of the original song is closely in line with the tropical aesthetic that the director Wen Shipei wants to present.

It is reported that this song has also appeared in Chinese classic movies. The same summer lost, the same feelings of the past, "Tropical Past" pays tribute to the classic, what kind of story is about to present, it is worth the audience’s expectation.

　

Ning Haozan’s "Tropical Past" "Like Old Tea" is worth tasting, and director Wen Shipei pursues the creation of "a sense of flaw"

As early as 2017, "Once Upon a Time in the Tropics" was shortlisted for the venture capital project of the Shanghai International Film Festival and won the "Bad Monkey 72 Change Film Project Special Attention Project". After four years of polishing, the film will officially meet the audience this summer. Referring to the unique style and charm of the film, Ning Hao, the executive producer of "Once Upon a Time in the Tropics", said: "Director Wen Shipei controls a very modest aesthetic. He doesn’t mean that we tear something apart for you to see, but it has a kind of roundness and a kind of luster, which makes you feel that he has undergone some precipitation and is not ostentatious. You can’t see anything at a glance, this movie is very like some kind of old tea, you have to taste it in it."

Regarding the tropical texture that the film wants to capture, the director Wen Shipei said: "There is no way to recreate a past, but to find a breath in the process. The feeling of heat is an imagination, and we try to get closer and refine that feeling audiovisually. But contemporary video shooting tools have become very sharp, but they lose some sense of flaw, so we are instead pursuing a sense of destruction and flaw throughout the creative process."