MAN CEO: no plan to control JV with Sinotruk
German heavy truck maker MAN is to buy astake of 25% plus one share in the Chinese group Sinotruk, but MAN CEO Hakan Samuelsson said MAN has no plan to control Sinotruk, gasgoo.com said.
Sinotruk (Hong Kong) Ltd., China's largest heavy-truck manufacturer by sales volume, agreed in mid-July to sell just over a 25% stake in itself to German truck maker MAN SE for €560 million ($796 million). MAN sees Sinotruk as its"best" partner that it can find in the Chinese market.
Hakan Samuelsson has told Chinese media that in its talks with Sinotruk, MAN only focused on the control of its own technology, with no plan to be a majority partner. Based its previous joint venture experience, the German truck-maker hoped its new JV with Sinotruk could avoid the intellectual property rights problems, said the CEO of MAN.
The tie-up is the second-largest foreign investment in China's auto industry, according to Dealogic, and a step toward boosting Sinotruk's presence in Europe and other developed markets, its chairman Ma Chunji hopes.
"For our company, this is really a chance to catapult us into the first class globally," Mr. Ma said in an interview.
The Sinotruk-MAN deal is also part of a broader global push by China's auto manufacturers, which in recent months have made bids on General Motors Corp.'s Saab, Hummer and Opel units, and Ford Motor Co.'s Volvo.
Views:0
- SINOTRUK Launches Its New Generation of C9H Truck 2022-03-18
- Mass SINOTRUK Electric Trucks Put into Operation in Port and Logistics Sectors 2022-03-17
- SINOTRUK Achieves Sales of 27,725 Vehicles in January, 2022 2022-02-28
- China’s Domestic Tractor Sales Exceed 40,000 Units in January 2022-02-21
- SINOTRUCK’s Hydrogen Heavy-Duty Trucks Help Build-up of Green Ports 2022-01-13
- SINOTRUK Heavy-duty Truck Sales Jumped up to the Second Place in 2021 2022-01-04
- Malaysia: Roda Dimensi Is On Track with SINOTRUK SITRAK 2021-11-05
- China Top 10 Tractor Head Performers in September 2021-10-22
- CNHTC to Release its First Pickup in Q4 2021-05-20
- CNHTC Rolls Out Fifth Generation S-AMT 16-speed Transmission 2021-03-22
Submit Your Requirements, We Are Always At Your Service.
- BYD Stopped the Production of Fuel Vehicles
- Geely Began Test Runs of Green E-methanol Vehicles in Danmark
- 2022 SANY Global Dealer Summit Was Held Successfully Online
- BYD and Shell Partner on EV Charging across China and Europe
- Daimler Truck Significantly Increase Sales, Revenue and Net Profit in 2021
- Scania Year-end Report January-December 2021
- Hyundai Motor and Iveco Group Sign MOU to Explore Future Collaboration
- GAUSSIN Enters China, the Largest Truck Market in the World
- Over 1,200 Hydrogen-powered Vehicles Deployed for the Beijing Winter Olympics
- Chinese New Year Holiday Closure Notice
- China's Truck Exports Grew by 30% YOY to 63490 Units in January-February
- China's New Energy Heavy Trucks Grew Despite an Overall Slump
- Heavy-duty Truck sales in China Fell by 54% to 54,000 units in February
- SINOTRUK Achieves Sales of 27,725 Vehicles in January, 2022
- China’s Domestic Tractor Sales Exceed 40,000 Units in January
- 2021 JAC International Pickup Export Performance
- JAC Achieved a Great Result in 2021
- China's Truck Export in 2021 Reached a 10-year Peak
- Heavy-duty Truck Sales in China Fall 57 Percent on Year in January
- China Recorded Sales of 645000 Tractors in 2021
