Volvo and Sinotruk formally terminate their cooperation
2023-01-18 22:06:14
On the evening of November 6, the Swedish Volvo Group announced that the company had reached an agreement with Sinotruk to sell its stake in Jinan Huawo Truck Co., Ltd., which was also confirmed by China National Heavy Duty Trucks.
The statement said that Volvo Group, China National Heavy Duty Truck (Brigade Islands) Co., Ltd. and China National Heavy Truck Group Co., Ltd. have signed an agreement. Under the agreement, China National Heavy Duty Truck (BVI) and CNHTC agreed to purchase the entire equity interest of Volvo Group in Jinan Huawo Truck Co., Ltd. (JV). Volvo Group currently holds a 50% stake in the joint venture company. The agreement still needs the approval of the Chinese government.
After the Volvo Group announced its withdrawal from Huawo, it has not revealed the future development plans of Volvo Trucks in China.
Huawo Truck Company was established by a joint venture between Volvo Trucks and China National Heavy Duty Truck in 2003. It was put into production in 2004. It is the first approved heavy-duty vehicle joint venture project in China with a total investment of 1.6 billion yuan. The proportion of investment is Volvo and China. Steam 50% each. At that time, the cooperation period signed by both parties was 30 years. According to the plan of the joint venture parties, Huawo's models include the Volvo FL6, FM9 and FM12. It plans to produce 2,500 Volvo trucks in 2005 and 10,000 in 2008.
However, Jinan Huawo produced only 200 trucks in 2005, far from the expected target. The head of the CNHTC Group once told CBN reporters that the price of Huawo's trucks is 2 to 3 times higher than that of domestic heavy trucks at the same level, and it is difficult to accept for domestic consumers. Due to the sluggish sales of Huawo Trucks, it was completely shut down at the beginning of 2006 and has not resumed production so far.
At the same time, heavy truck Jinan imitated Jinan Huawo model developed HOWO heavy truck production and rapid success, which led to further intensification of the contradictions between shareholders.
Previously, there have been reports in the media that Sinotruk and Volvo, each of whom are dissociated, have claimed that the other is not. Volvo said that Sinotruck rebelled itself and abandoned the technology. After stealing technology, China National Heavy Duty Truck Group alleged that Volvo made false localization and was keen on CKD (entering cars in a fully disassembled state and then assembling into a complete vehicle) and implemented a technology blockade.
View related topics: Joint venture hot car
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