Jiangling Motors to Invest in Heavy Vehicle Project
Jiangling Motors Co., Ltd., one of the leading carmakers in China, will set aside as much as CNY 59 million to set up the V348 heavy vehicle production lines with the final approval from the board,and plans to put into operation at the end of 2010. The V348 heavy vehicles are bound to meet the National IV Emission Standard.
In addition, given the resignation of the company's director Cheng Meiwei, Ford Motor Company, one of the shareholders of Jiangling Motors, nominates Chen Yuanqing to take his place. Jiangling Motors has agreed to submit the proposal by Ford to shareholder meeting.
Jiangling Motors is a China-based company engaged in manufacture and sale of light automobiles and relevant spare parts. Its principal products are light trucks, pick-up trucks, transport vehicles, wreckers, vehicles for airport use, mail cars, dump carriers and police cars, among others, with the brand named JMC, as well as Transit commercial vehicles with the brand named Ford.
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