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Xinhua Credit
Company

China's automaker giants set up new JV

June 04, 2020


Abstract : China's major automakers have teamed up to found a new joint venture (JV) recently, according to the National Enterprise Credit Information Publicity System.

SHANGHAI, June 4 (Xinhua) -- China's major automakers have teamed up to found a new joint venture (JV) recently, according to the National Enterprise Credit Information Publicity System.

The business scope of the JV, with 16 billion yuan (about 2.25 billion U.S. dollars) registered capital, includes the manufacturing and sales of the automatic control system devices, sales of mechanical parts and components; sales of new energy vehicle (NEV) production and testing equipment; and sales of NEVs, etc.

Main shareholders of the JV include China FAW Group Co., Ltd., Chongqing Chang'an Automobile Co. Ltd., Dongfeng Motor Group Co., Ltd., and China South Industries Group Corporation.

In 2019, FAW, Dongfeng Motor, and Chang'an Auto teamed up with Tencent and Alibaba, China's top technology giants, to found an equity investment management company which plans to invest about 9.8 billion yuan in the ride-sharing industry dominated by NEVs. (Contributed by Chen Aiping, edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)

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Keyword: auto industry new energy vehicle

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