Iveco, a member of the Fiat Group, has signed an agreement with the SAIC Motor Corporation, one of the leading Chinese car-makers and the Chongqing Heavy Vehicles Group, to establish a long-term partnership in China in the heavy truck and heavy engine fields. The Party Secretary and the Mayor of Chongqing, the highest authorities of the local Government, and the Vice Mayor of Shanghai, participated in Chongqing at the activities related to the signing ceremony.

The agreement envisages the acquisition of a 67% share in the capital of Chongqing Hongyan Automotive Co. Ltd, which is a subsidiary of the Chongqing Heavy Vehicle Group, on the part of a 50-50 financial joint venture to be set up by Iveco and SAIC Motor (SAIC Iveco Commercial Vehicle Investment Company Ltd.). The Chongqing Heavy Vehicle Group will control the remaining 33%. The industrial activities covered by the agreement include the manufacture and assembly of heavy commercial vehicles and diesel engines, with Iveco technology.
 

The Party Secretary and the Mayor of Chongqing, the highest authorities of the local Government, and the Vice Mayor of Shanghai, participated in Chongqing at the activities related to the signing ceremony

“Extensive collaboration between Iveco, SAIC Motor and the Chongqing Heavy Vehicle Group,” said Paolo Monferino, Iveco Managing Director, “is a significant step forward in our global development strategy. The agreement bolsters Iveco’s position on the rapidly expanding Chinese market, where we have already been present for many years in the light commercial vehicle sector. We expect the agreement will enable us to create a solid base for the supply of products and services at competitive costs.”