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02-02-2008 Iveco
Industrial Vehicles Corporation, SAIC Motor Corp Ltd and Chongqing Heavy Vehicle
Group Co Ltd have jointly laid the foundation for two ventures called SAIC Iveco
Hongyan Commercial Vehicle Co Ltd and SAIC Fiat Hongyan Powertrain Co Ltd, in
the Huangmaoping Auto Industry Park in Chongqing. SAIC
Iveco Hongyan is registered with assets of 1.3 billion yuan, 33 percent of which
comes from Chongqing Heavy Vehicle. Iveco and SAIC each invest half of the remaining
67 percent. The new venture will expire in 30 years. The
first phase of the 4.7 billion yuan base for the two new companies will be completed
in October 2008, to produce 40,000 vehicles and 100,000 engines annually.
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