IVECO reorganizes its business in China to take the lead in developing sustainable transportation

It has reached an agreement with its partner SAIC Motor to restructure two joint ventures in China. Nanjing Iveco Automotive Co., Ltd. (hereinafter referred to as "Nanveco"), a light bus and production enterprise invested by both parties in a 50:50 ratio, will focus on the operation of the Iveco brand in the future, and the brand will be merged into SAIC Motor. Commercial Vehicles Co., Ltd. (hereinafter referred to as "Shangyihong") is a joint venture established by Iveco in China with SAIC Motor and Chongqing Electromechanical. In this reorganization, SAIC Motor will increase its capital and expand its shares, and Iveco will continue to participate as a technical partner.

This adjustment allows IVECO to focus its investment in China on introducing advanced technologies and models to the Chinese market to better meet rapidly growing consumer demand and promote sustainable development of transportation. The shareholding structure of SAIC Hongyan Powertrain Co., Ltd. will remain unchanged, with SAIC IVECO (a 50:50 joint venture between IVECO and SAIC Group) holding 60% of the shares, Fiat Power Technology (FPT Industrial) accounting for 30%, and Chongqing Electromechanical accounting for 10%.

IVECO and SAIC Motor, in addition to the recently launched F1 engine, are introducing the NDA rear axle developed by Fiat Power Technology. This one has just been launched at the 2016 Hanover Motor Show in Germany. In October this year, the new Nanjing Axle plant has been put into production, dedicated to the production of NDA rear axles. Next, in March next year, the Qiaolin base will be completed and put into operation, becoming one of the most advanced commercial vehicle manufacturers in China.

Thirty years ago, IVECO was the first international commercial vehicle brand to enter China, and IVECO Light Passenger has become synonymous with domestic high-end light buses. Through the import of high-end models and the restructuring of local operations, IVECO will further establish itself in this strategic market in China, relying on its leadership in life-cycle cost control and sustainable development, and continuously introduce advanced technologies and products to meet the rapidly upgrading customer needs.

● AboutIVECO

IVECO is a brand of CNH Industrial Group, a leading global manufacturer of production materials listed on the New York Stock Exchange and the Italian Stock Exchange Electronic Stock Market. IVECO designs, manufactures and sells a wide range of light, medium and heavy commercial vehicles, off-highway trucks and vehicles for off-highway tasks.

The product range of the IVECO brand includes, Series, covering vehicles from 3 tons to 7 tons, Eurocargo Series, covering vehicles from 6 tons to 16 tons, Series (dedicated to off-highway tasks) and Series, which cover vehicles over 16 tons. In addition, the IVECO Astra brand manufactures mining trucks and construction trucks, rigid and as well as vehicles.

IVECO has nearly 21,000 employees worldwide. The company manages factories in 7 countries in Europe, Asia, Africa, Oceania and Latin America, and produces vehicles with the latest advanced technology. Wherever the customer’s vehicle goes, 4,200 sales and after-sales services outlets in more than 160 countries guarantee the corresponding technical support.

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