Xugong Group invests 500 million in advance into heavy truck field
XCMG Group and Nanjing Dongchi Automobile have signed a strategic agreement to invest RMB 500 million in the development of a massive 100 billion yuan automobile industrial base in the Tiexinqiao area of Yuhuatai District, Nanjing. This marks a significant shift in the local automotive landscape, as the former Chunlan Automobile Factory, which once occupied a 600-acre site, is now undergoing a major transformation.
The property rights of the original Chunlan Automobile Co., Ltd. have recently changed, with XCMG acquiring a 60% stake from Jiangsu Chunlan for RMB 170 million. This acquisition led to the formation of a new joint venture, Nanjing Xugong Automobile Manufacturing Co., Ltd. The move signals XCMG's growing ambition in the heavy truck sector, leveraging its financial strength and technological expertise.
Ten years ago, Chunlan Group partnered with Nanjing Dongchi Automobile Industry Group to establish Nanjing Chunlan Automobile Manufacturing Co., Ltd., with each holding 60% and 40% of the shares respectively. The company was based in Tiexinqiao and had an annual production capacity of 8,000 heavy-duty vehicles, generating around RMB 1 billion in revenue. However, due to intensifying market competition, Chunlan decided to restructure its operations and exit the partnership with CNHTC.
Wang Min, Chairman of XCMG Group, emphasized that the company aims to revitalize the heavy truck industry in Jiangsu by utilizing the existing infrastructure of the former Chunlan factory. He stated that XCMG plans to invest RMB 500 million before the end of this year, with further investments ranging from RMB 1.5 billion to RMB 2 billion over the next two to three years. The expansion will include the construction of new factory areas, the development of innovative products, and a gradual increase in production targets—starting with 5,000 units next year, rising to 10,000 the following year, and reaching 20,000 by 2011.
This collaboration not only represents a new chapter for XCMG but also highlights the evolving dynamics of China’s automotive industry, where strategic alliances and industrial revitalization are key to long-term success.
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