Fiat, SAIC set up ventures
(chinadaily.com.cn)Updated: 2007-07-09 11:07
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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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The full text is available in the July Issue of AutoChina.
(For more biz stories, please visit Industry Updates)
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