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Investing 700 million, Hongyan aims to strengthen its presence in the axle market.
Release time:
2019-01-03
On March 25, reporters learned from SAIC Iveco Hongyan Automobile that the company will invest 700 million yuan to build a new project for 300,000 axles on the site of its old factory. These components will not only support the Hongyan and Iveco vehicles produced in Chongqing but will also introduce Iveco technology, re-entering the heavy truck axle market. Following the joint venture between Hongyan and SAIC Iveco and the relocation to the Liangjiang New Area Automobile City, the old factory located in Shuangqiao is gradually becoming a production base for key components. "We will re-enter the truck axle industry," said Xiong Weiming, General Manager of SAIC Hongyan Iveco. The investment for this project will reach 700 million yuan.
On March 25, reporters learned from SAIC Iveco Hongyan Automobile that the company will invest 700 million yuan to build a new project for 300,000 axles on the site of its old factory. These components will not only support the Hongyan and Iveco vehicles produced in Chongqing but will also introduce Iveco technology to re-enter the heavy truck axle market.
After Hongyan and SAIC Iveco formed a joint venture and relocated to the Liangjiang New Area Automobile City, its old factory in Shuangqiao is gradually becoming a production base for key components. "We will re-enter the truck axle industry," said Xiong Weiming, general manager of SAIC Hongyan Iveco. The investment in this project will exceed 700 million yuan, covering an area of 300 acres. Construction is set to begin by the end of next year, and once completed, it will produce 300,000 axles annually, with an output value of 4.5 billion yuan. Xiong Weiming explained that the axles of Hongyan trucks were once a major selling point due to their durability, but due to fierce market competition and a lack of investment in axles at that time, the company has shown signs of weakness. He mentioned that this time they will introduce the axles from Italy's Iveco, and after digestion and absorption, they will manufacture a series of products to provide axle support for heavy trucks used in highways and mining.
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