FAW ready to localize truck making in SA
Source: Xinhua |
March 20, 2010, Saturday
|
Print Edition
Print Edition
CHINA FAW Group Corp, a leading Chinese auto maker, is preparing to localize truck manufacturing in South Africa, General Manager Xu Jianyi said yesterday.
The import and export arm of China FAW Group, based in Changchun, capital of northeast China's Jilin Province, yesterday signed a letter of intent with the China-Africa Development Fund to jointly invest in a motor vehicle production project in the African country.
The project would involve a total investment of US$100 million, including US$55 million to be injected by China FAW and US$45 million by the fund, and would be the largest auto project China has ever built in Africa in terms of investment.
At the signing ceremony, Xu said the project would most likely produce midsize trucks in South Africa. But he did not reveal specific models.
Xu said his company saw Africa as a huge potential market for motor vehicles. The continent already accounted for 33 percent of the auto maker's annual vehicle exports.
Xu said the specific site of the project, the launch date and its designed production capacity have yet to be decided.
Based in Beijing, the development fund was established in 2007. The US$5 billion special equity investment fund aims to encourage and support Chinese enterprises investing in Africa.
Founded in 1984, the import and export arm of the FAW Group has developed marketing networks in 17 African countries.
The import and export arm of China FAW Group, based in Changchun, capital of northeast China's Jilin Province, yesterday signed a letter of intent with the China-Africa Development Fund to jointly invest in a motor vehicle production project in the African country.
The project would involve a total investment of US$100 million, including US$55 million to be injected by China FAW and US$45 million by the fund, and would be the largest auto project China has ever built in Africa in terms of investment.
At the signing ceremony, Xu said the project would most likely produce midsize trucks in South Africa. But he did not reveal specific models.
Xu said his company saw Africa as a huge potential market for motor vehicles. The continent already accounted for 33 percent of the auto maker's annual vehicle exports.
Xu said the specific site of the project, the launch date and its designed production capacity have yet to be decided.
Based in Beijing, the development fund was established in 2007. The US$5 billion special equity investment fund aims to encourage and support Chinese enterprises investing in Africa.
Founded in 1984, the import and export arm of the FAW Group has developed marketing networks in 17 African countries.
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