SAIC Motor becomes direct shareholder of Iveco's joint venture in China
Shanghai (Gasgoo)- Nanjing Iveco Automobile Co.,Ltd. (Naveco), a Nanjing-based company principally engaging in manufacturing light-duty commercial vehicles, recently introduced SAIC Motor as a director investor, according to the company information inquiry platform Tianyancha.
The information was unveiled after SAIC Motor announced in late Sept. it had completed the acquisition of stake in Naveco.
Photo credit: Naveco
Naveco was founded in December 1995 as a 50/50 joint venture between Nanjing Automotive Corporation (NAC) and Iveco, a company of Fiat Group. Its business scope extends to cover the development and production of commercial vehicles, passenger vehicles, and auto parts.
Two old shareholders, NAC and IVECO S.P.A still exist after the registration information change. Besides, Naveco’s registered capital remains unchanged from 2.527 billion yuan ($391.607 million).
The proportion of the shares SAIC Motor directly holds in Naveo is not yet known.
Notably, NAC, which currently controls 50% equity interests in Naveo, is a wholly-owned subsidiary of SAIC Motor. It was founded in December 2001 and its legal representative is Yang Xiaodong, who is also vice president of SAIC Motor.
The share purchase is part of efforts to integrate SAIC Motor’s commercial vehicle business resources. The group said last month it aimed to gain over 100 billion yuan ($15.49 billion) of annual revenue from its commercial vehicle (CV) business by 2025, and expects its annual CV sales in 2025 to double over the year of 2020, the last year for the 13th Five-Year Plan.
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