 |
SAIC-Iveco Hongyan Commercial Vehicle Co, a
venture between Chongqing, SAIC and Iveco,
has achieved CNY 4.85 billion sales revenues
since the start of 2007, which is up 89.3
pct year on year. |
|
|
|
SAIC-Iveco Hongyan
Commercial Vehicle Co., Ltd., a venture of Chongqing Heavy
Vehicle Group Co., Ltd., Shanghai Automotive Industry
Corporation (Group) (SAIC) and Iveco of Fiat Automobile SpA,
has achieved CNY 4.85 billion sales revenues since the start
of 2007, up 89.3 pct year on year.
The Chongqing-based
venture has manufactured 21,200 heavy-duty trucks this year,
up 65.5% from a year earlier, and produced CNY 4.62 billion
worth of products with a yearly surge of 77.3%.
After cooperating
with SAIC and Iveco in June this year, the truck maker has
total production capacity of 40,000 commercial cars, from
15,000 cars and is capable of assembling large trucks under
the brand name of Iveco Stralis and based on the Chinese
market conditions. The venture, which saw a 70% surge in
heavy-duty truck sales benefited from a 50% increase of the
overall domestic heavy truck market, has plans to sell
35,000 cars, and made CNY 7.5 billion sales revenues in 2008
and raise its market share by 2% to 8.7%.
Iveco and SAIC
established the 50-50 Joint Venture, under the name of SAIC
Iveco Commercial Vehicle Investment Company Ltd in late
2005. The Company’s first act was the acquisition of a 67
pct share of Chongqing Hongyan Motor Co. Ltd, which was a
subsidiary of the Chongqing Heavy Vehicle Group. The total
amount invested, as per the industrial business plan, was
about 120 million euros (of which Iveco was responsible for
40 million euros), and the objective was to support a volume
increase from the current 15,000 to 40,000 heavy commercial
vehicles in the medium term. Industrial plans include the
assembly of Iveco heavy commercial vehicles (Stralis range)
and product and process related improvements in the
Chongqing product range, for consolidating and reinforcing
the offer on the local market, as well as developing
vehicles having the best mix of local and European
components and technologies.
Hongyan Motor
Co., Ltd., was set up on January 28th 2003. The
former-Sichuan vehicle plant was set up in 1965 through
introducing the technology of military vehicles owned by
French Bellia Company to produce heavy off-road vehicles.
Now, the company is 1,200,000 square meters and has 4,000
employees. The company owns Hongyan and Steyr brands, 33
series, 1,700 models and the tonnage from 5 to 60 tons and
the Austria Styre ZF steering, Hongyan axle and other
components products.
|
