The Board of Directors of Nanjing Fiat, the 50-50 joint-venture company between Fiat Auto and Yuejin Motor Group, has appointed Paolo Massi as Chief Executive Officer of the Company.

Mr. Massi, born in Rome, Italy in 1952, joined Fiat Auto�fs Marketing and Sales Department as Italian Market Deputy Director in 1997. From 1998 to present, he increased his responsibility in the fields of Marketing and Sales including the positions of Italian Market Sales Director, Eastern Europe, Africa, Asia and Pacific Markets Director, Vice President Product & Commercial. In November 2004, he was named International Countries Coordination Director for the Fiat Brand. Mr. Massi has been a member of the Board of Directors of Nanjing Fiat since 2002.

From 1980 to 1987, Mr. Massi worked for the Italian subsidiary of Ford Motor Co., and from 1987 to 1989 he was Rome Area Fiat Zone Manger for Fiat Auto. From 1989 to 1997, he held a number of responsibilities at the Italian arm of Mercedes including the positions of Head of Car Dealer Network Support and Director of Car Sales. Mr. Massi igraduated in Engineering from the University of Rome.

Mr. Wang Haoliang, the Chairman of Nanjing Automobile (Group) Corporation is also the Chairman of Nanjing Fiat.

YUEJIN MOTOR GROUP - PROFILE

Yuejin Motor Group, established on the basis of Yuejin Motor (Group) Corporation (previously named Nanjing Auto Works) as the parent company and approved by the State Economy and Trade Committee, is one of the largest enterprise groups in China. In 1997, the State Council selected Yuejin Motor Group as one of 120 Trial Enterprise Groups. And Yuejin Motor (Group) Corporation was listed as one of the 520 National Key Enterprises by the State Economic and Trade Commission in 1999.

At present, Yuejin Motor Group possesses an annual production capacity of 180,000 vehicles of various models and has three major vehicle production bases, namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The products cover more than 400 types of models, including passenger cars, light duty trucks, light duty buses, cross country vehicles, small-sized passenger/cargo transportation vehicles, special-purpose vehicles as well as various types of chasses etc.

Yuejin Motor Group has been engaged mainly in exploring the overseas markets of automobiles and parts & components thereof. The products have been exported to many countries and regions such as Argentina, South Africa, Sudan, Ivory Coast, Namibia, Djibouti, Tanzania, Cyprus, Togo, Italy and Spain etc. In addition, it has obtained successful experience in establishing abroad SKD/CKD assembly plants of trucks and minibuses. Yuejin Motor (Group) Corporation sell such automotive products as YUEJIN Brand series of light-duty trucks, NANJING-IVECO series of light-duty trucks and passenger transportation vehicles as well as NANYA-FIAT series of small-sized passenger transportation vehicles.
 

The automotive products exported by Yuejin Motor (Group) Corporation have reliable quality, excellent performance and competitive price, and have achieved Euro 2 emission standard.

YUEJIN MOTOR GROUP - JOINT VENTURES

Up to now, the Yuejin Motor (Group) Corporation has successfully established 12 joint ventures in the field of automobile and its parts and components with some famous enterprises of Italy, USA, France and Japan etc. The total investment of all such joint ventures reaches to US$930 million. In addition, Yuejin Motor (Group) Corporation has some cooperation with many famous international companies and institutions in the field of technology, personnel training and worldwide purchasing etc.

Yuejin Motor (Group) Corporation now has two Sino-foreign joint venture bases for manufacturing vehicles. One is Naveco Ltd., jointly established with Iveco S.p.A. of Italy in 1995, the total investment of such company is US$425 million, in which each of Chinese and foreign parties holds 50% equity share respectively, main products of such company are Iveco light duty commercial vehicles and Sofim diesel engines. The other is Jiangsu Nanya Auto Co., Ltd., jointly established with Fiat Auto S.p.A. of Italy in 1999, the total investment of such company is US$282 million, in which each of Chinese and foreign parties holds 50% equity share respectively, main products of such company are Palio passenger car, Encore passenger car and Unique small size hatchback.

Yuejin Motor (Group) Corporation has successfully established ten Sino-foreign joint ventures in the field of automotive parts and components, including five with Italian firm's. They have established three joint ventures with Teksid S.p.A. of Italy, namely, Nanjing Teksid Iron Foundry Co., Ltd., Nanjing Teksid Aluminum Foundry Co., Ltd. and Hua Dong Teksid Automotive Foundry Co., Ltd., which respectively produce various nodular iron and grey iron medium and small size castings, aluminum castings and engine cylinder blocks.

The other two Italian joint venture businesses are Nanjing Yuejin Automotive Brake Systems Co., Ltd. established with Brembo S.p.A. of Italy, and Hangzhou Iveco Automotive Transmission Co., Ltd. set-up with Iveco for mainly producing various transmission assemblies, parts and components.