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Fiat, SAIC set up ventures

(chinadaily.com.cn)
Updated: 2007-07-09 11:07

Special coverage: Auto Shanghai 2007
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Iveco Industrial Vehicles Corporation, SAIC Motor Corp Ltd andChongqingHeavy Vehicle Group Co Ltd have jointly laid the foundation for two ventures called SAIC Iveco Hongyan Commercial Vehicle Co Ltd and SAIC Fiat Hongyan Powertrain Co Ltd, in the Huangmaoping Auto Industry Park in Chongqing.

SAIC Iveco Hongyan is registered with assets of 1.3 billion yuan, 33 percent of which comes from Chongqing Heavy Vehicle. Iveco and SAIC each invest half of the remaining 67 percent. The new venture will expire in 30 years.

The first phase of the 4.7 billion yuan base for the two new companies will be completed in October 2008, to produce 40,000 vehicles and 100,000 engines annually.

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The full text is available in the July Issue ofAutoChina.