| 08-01-2008
Nanjing
Automobile and IVECO signed an agreement announcing the restructuring of NAVECO.
IVECO promised an investment of 400 million yuan in NAVECO, and each company will
continue to hold 50 percent control. Maurizio Lana was appointed by Wang Haoliang,
board chairman of Nanjing Automobile and NAVECO, as NAVECO's new general manager.
As the first foreigner in the position, Lana began preparations for the official
launch of the rally. "As the 60th anniversary of Nanjing Automobile approaches,
we hope the whole new NAVECO project can be a pacesetter that drives our group,"
says Wang.
In
1996, NAVECO introduced IVECO-branded, European-style minibuses to China, establishing
a strong foothold in the market. Entering the millennium with thriving lines of
high-end buses and MPVs (multi-purpose vehicles), NAVECO launched its second-generation
of minibuses under the high-end Tornio series, in 2004. Within three years after
it hit the market, the Torino series grabbed more than 50 percent of China's high-end
bus market, making up more than two-thirds of NAVECO's sales with double-digit
annual growth. However, Monferino says that China's current market capacity of
50,000 to 60,000 high-end minibuses is too limited for NAVECO. He points out that
while IVECO has become very well known as a minibus supplier, Chinese seldom think
of the company as a commercial vehicle provider. "Adding
the Yuejin truck series allows us not only to better mine the potential of China's
auto market, but also to potentially double NAVECO's size and bring a line of
commercial vehicles to the Chinese market," says Monferino. The Yuejin brand,
which came to the market in 1958 as the backbone of Nanjing Automobile, was listed
among the top three of China's auto industry decades ago. In order to make new
Yuejin products innovative, "15 engineers have come to China to bring world-class
technology and quality here," he adds. Monferino regards the addition of
the Yuejin brand to IVECO's series as a "necessary reinforcement of our global
line up." Maurizio
also says "As one of IVECO's middle- and low-end product series, Yuejin will
definitely become a heavily exported product in no time." He expects to export
at least 10,000 units in 2008. Editor:
Frederick Wei from Chinabuses.com
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