Shanghai Automotive Industry Corporation (Group) (SAIC) and Iveco SAIC have held a foundation ceremony for two of its ventures in Chongqing, The first venture, called SAIC Iveco Hongyan Commercial Vehicle Co, gained regulatory approval from the National Development and Reform Commission this April.
SAIC and Iveco, a subsidiary of Italy's biggest automaker Fiat, have controlled a 67 percent stake in the venture. Chongqing Hongyan Motor Co., Ltd., a local automaker in Chongqing, has captured the remaining 33 percent stake. The venture is expected to have an annual production capacity of 40,000 commercial vehicles in Chongqing.
The second venture is an engine plant also based in Chongqing. With an investment of 580 million Yuan, it is designed to churn out 100,000 engines a year. SAIC Iveco Commercial Vehicle Investment Co held 60 percent stake and Fiat Powertrain Technology Co and Chongqing Heavy Vehicle Group control 30 percent and 10 percent of the venture respectively.
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