Shaanxi Auto gets RMB 2b injection
Shaanxi Yanchang Petrol (Group) Co., Ltd will fund one billion yuan in Shaanxi Auto Group shares, the funds will be used to the “11th Five-Year Plan" development projects of Heavy-duty Automobile Company. Meanwhile Weichai Power will put additional one billion Yuan in Shaanxi Auto Group.
Shaanxi Yanchang Petrol is a large oil company with its business of oil exploration, exploitation, refining, chemical industry, marketing and transportation. As an investor, the Yanchang Petrol will not participate in the decision-making and management of Shaanxi Automobile Group, and share the return on investment as a shareholder.
According to the introductions of Zhang Yupu, the Chairman of Shaanxi Automobile Group, presently the Group is implementing "3510" and "300" two projects. Project 3510 refers to that Shaanxi Heavy-duty Automobile Group scheduled to achieve sales of 30,000, 50,000 and 100,000 separately this year, next year and in 2010. While Project “300” means that the entire group is focusing on the development of heavy truck, and the comprehensive development of other commercial vehicles, including medium and heavy-duty trucks, motorbuses and other types of commercial vehicles, synchronous development of relevant components, and Shaanxi Auto Group is expected to achieve sales of 30 billion Yuan revenue in 2010.
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