On September 6, U.S. time, the Volkswagen casting Group’s Truck and Bus Co., Ltd. issued an announcement stating that the company will take a stake in the American commercial vehicle manufacturer Navistar, the two sides will sign a strategic deployment cooperation agreement and establish a joint venture company.
Volkswagen said that the company will invest $256 million to purchase 16.6 shares of Navistar at a price of 15.76 yuan per share. At this time, Volkswagen Truck and Bus has entered the Navistar board of directors, and the two sides will start further collaboration.
Troy Clarke, President and CEO of Navistar, said that Volkswagen Card’s shareholding can enhance our company’s liquidity and expand our company’s financial flexibility.
The collaboration between the two sides in the field of strategic deployment is mainly reflected in the fact that Volkswagen Trucks will become one of Navistar’s main technical partners. The two sides are mainly collaboration in the field of general power transmission systems. In addition, other areas of commercial vehicles will be expanded. .
The cooperation between the two sides in the power transmission system will increase the potential for mutual cooperation between the two sides. “Volkswagen Cargo Matthias Gründler believes that Navistar will benefit from their high-quality transmission system; and Volkswagen Cargo will get a significant increase in sales.
Navistar is the largest die casting manufacturer of heavy trucks and school buses in North America. Its brands include International commercial vehicles and military trucks, IC school buses, commercial buses and diesel engines.
Navistar established a joint venture with Chinese car company JAC in 2012. According to the introduction, the JAC Navistar Diesel Engine Co., Ltd. was established in the form of a joint venture with 50% of the shares of each side. The total investment of the joint venture is 1.8 billion yuan, the first phase investment is 1 billion yuan, and the designed annual production capacity is 200,000 units, of which one-third of the products will be invested in overseas markets.
On the evening of September 6, Jianghuai Car (600418.SH) announced that it will temporarily suspend trading for one day on September 7. The company will sign a memorandum of cooperation that will have a major impact on the company. According to the official sales data of JAC Cars, the sales volume of JAC Cars from January to August this year was 415,400, an increase of 10.76% from 375,100 in the same period last year.
The cooperation intention between Volkswagen and JAC has been rumored for a long time, but because Volkswagen already has two passenger car joint ventures in China, FAW-Volkswagen and SAIC Volkswagen, according to the car industry policy, foreign car companies can only have joint ventures with two domestic car companies. , Volkswagen will complete its indirect collaboration with JAC through this collaboration with NasVida.
According to reports, Volkswagen Cars and Passengers now have three major brands: Scania, MAN and Volkswagen Commercial Vehicles, with total sales of 179,000 vehicles in 2015.
Link to this article：Volkswagen Die Casting and Truck and Bus signed a strategic cooperation agreement
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