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Changjiang Bus Break up with Iveco

Iveco, the commercial vehicle division of Italian industrial group Fiat, has pulled out of a bus joint venture in East China's Jiangsu Province, according to a source from the company's operations in China.

The source told that Iveco had sold its 50 per cent stake in the bus venture to the Chinese side, Changjiang Bus Group, based in Changzhou, Jiangsu Province, for just US$1.

The venture between Changjiang Bus and Iveco was launched in 2001 with an investment of almost US$100 million.

Having an initial production capacity of 6,000 to 7,000 units, it was the biggest Sino-foreign bus operation at the time.

However, the venture suffered heavy losses due to sluggish sales and poor management.

 


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