All about Faw, the Chinese group that will buy Iveco trucks and buses
The Chinese Faw is targeting Iveco (CNH). Here are numbers and details on the Chinese state-controlled company
Iveco trucks and buses could whiz towards China .
CNH Industrial negotiates with Chinese Faw Jiefang, a wholly owned subsidiary of FAW Group, to sell Iveco trucks and buses and a share of Fpt Industrial (engines).
Facts, numbers and details of the Chinese group Faw.
THE OFFER
Let's start with the news. The Chinese group Faw, as revealed by Reuters , has made an offer to acquire all of Iveco's commercial vehicle businesses, including trucks and buses, as well as a minority stake in Fpt's engine division.
FAW AIMS AT THE INTERNATIONAL MARKET
The Chinese aim, through the Italian brand, to launch the Jiefang brand on the international commercial vehicle market. Iveco, the European market rival of Volkswagen, Daimler and Volvo Group, also has a production plant in China, through a joint venture with SAIC Motor, a state-owned company.
THE CHINESE SOCIETY
The Faw company, founded in 1953 in the northeastern city of Changchun, is the first car manufacturer in China and operates under the Hongqi, Jiefang and Besturn brands.
The company is led by Xu Liuping and Qiu Xiandong and is controlled by the Chinese state.
THE JOINT VENTURES
The company is also active through joint ventures with car manufacturers such as Volkswagen, Mazda and Toyota.
THE NUMBERS OF FAW
The group delivered 3.464 million vehicles to customers in 2019. The group's sales revenue in 2019 was RMB 620 billion, while the earnings were RMB 44.05 billion. The auto company took 87th place on the 2020 Fortune Global 500 list.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/tutto-su-faw-il-gruppo-cinese-che-comprera-camion-e-bus-iveco/ on Thu, 07 Jan 2021 12:38:51 +0000.