Modern 780 million U.S. Joint Venture Jianghuai Targets Commercial Vehicle Market
Aiming at commercial vehicles and re-arranging the Chinese automobile market Korea Hyundai Motor has taken an important step in its strategy in China. Hyundai Motor Co. announced the day before yesterday that it will form a joint venture with Anhui Jianghuai Automobile Co., Ltd. to jointly manufacture commercial vehicles. Hyundai Motor Co. said in a statement that the two automakers will hold 50% of the joint venture respectively and invest a total of US$780 million in joint ventures by 2010. The newly formed joint venture will achieve an annual production capacity of 50,000 small commercial vehicle engines, 10,000 buses, and 90,000 trucks by 2010. Hyundai said that according to its previous strategy, Hyundai Motor and its affiliate Kia Motors will achieve the goal of producing one million cars a year in China by 2008. Prior to this, Hyundai had two joint ventures in China: Beijing Hyundai Motor Co., which was established with Beijing Automotive Industry Corporation, and Dongfeng Yueda Kia Corp., which was formed with Kia Motors, Dongfeng Motor, and Yueda. Hyundai Motor has production plants in China, India and Turkey. The company is also scheduled to open another production plant in the United States next year. As the automobile industry policy states that foreign companies cannot exceed two vehicle joint ventures in China, the entire vehicle project may also refer to the same type of vehicle. After using up two passenger vehicle seats, the new one and JAC The joint venture company will be mainly responsible for the production of commercial vehicle products. JAC claims that since 2003, the company has been producing modern H-1 Starex products in the form of assembled parts, and the domestic sport utility vehicle called Rui Feng. In fact, since last year, the "marriage" of the two companies has been continuously upgraded. In October last year, Geerfa Heavy Trucks went offline and plans to mass produce this fall. During the Beijing Auto Show, Hyundai Motor Co. and JAC Motors jointly exhibited a new generation of products at the International Motor Show. The two sides also launched A/TA909 models and A/S11.5-meter passenger cars. The joint venture project shows that the focus of Hyundai Motor's commercial vehicle products will be settled in Jianghuai. "Profession stocks" Jianghuai Automobile Anhui Jianghuai Automobile Co., Ltd. was established on September 30, 1999 and is one of the most important commercial vehicle bases in China. As of the end of last month, the 2004 mid-year report of Shanghai-Shenzhen stock car listed companies showed that JAC won the title of the first automotive blue chip stocks in the first half of 2004. This is Jianghuai Automobile's first achievement of the first car blue chip stocks following Dongfeng Motor in 2001, Shanghai Automotive in 2002, and Changan Automobile in 2003. According to the summary of Jianghuai Automobile's 2004 semi-annual report, Jianghuai Automobile's operating results and financial status in the first half of the year were good. The sales revenue was 4.195 billion yuan, an increase of 119.83% compared with the same period of last year. The net profit was 136 million yuan, an increase of 78.32% compared with the same period of last year. The sales volume of JAC light trucks ranked the second in the industry, the chassis of passenger cars maintained the top position in the industry, and the sales volume of Ruifeng commercial vehicles topped the forefront of similar products. (He wakes up)
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