GM and China FAW set light-truck & van joint venture
General Motors China and China FAW Group Corp. have established a joint venture to produce light-duty commercial vehicles in the world's fastest-growing automotive market, the companies have announced.
The new 50-50 joint venture between will be based in Changchun, in Jilin Province, and will produce trucks and vans, along with some research and development, exports and after-sales support.
It will include Harbin Light Vehicle Co. Ltd., and FAW's share of Hongta Yunnan Automobile Manufacturing. Products will be branded FAW in China, while the joint venture "leaves room for the creation of GM derivatives."
The total investment in the deal is estimated at $293 million.
It "combines the expertise of two industry leaders in a win-win partnership," said Nick Reilly, president of GM's international operations, in the announcement. "It will address demand in China for high-quality, affordable products in one of the industry's most robust segments, while complementing the portfolio of products that GM and FAW currently offer."
The companies started talking about cooperation in the development and production of light commercial vehicles more than two years ago, signing a memorandum of understanding and conducting due diligence starting in November of 2007.
Views:0
- 209 Jiefang J6P Tractors Were Delivered to Mongolia 2022-04-02
- FAWDE’s Engine Export Increased by 37% YOY in Q1 2022-03-31
- Over 100 Jiefang Heavy Trucks Are Delivered for Railway Construction in Nigeria 2022-03-07
- FAW Jiefang Put into Operation Its J7 Smart Vehicle Plant 2021-12-20
- FAW Jiefang: Overseas Sales to Account for 10% of Total Sales by 2025 2021-11-26
- FAW Jiefang and ZOOMLION Continue to Deepen Their Strategic Partnership 2021-11-25
- FAW Group Participates the Second China-Africa Economic And Trade Expo 2021-09-30
- FAW-Eastern European Company Set Sales Record of Over 1000 Units for CV 2021-08-24
- Top Ten Tractor Manufacturing Companies in China in July 2021-08-23
- FAW Jiefang Rolls Off Its 8 Millionth Vehicle 2021-07-16
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