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Dongfeng forms new engine unit
By Jin Jing |
February 20, 2012, Monday
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Print Edition
Print Edition
DONGFENG Automobile Co Ltd said it will set up a new joint venture with Mianyang Xinchen Engine Co Ltd to expand its production capacity of small-sized engines.
The new Dongfeng Xinchen Engine Co Ltd, with a registered capital of 250 million yuan (US$39.7 million), will be equally owned by the two parent companies, according to Dongfeng's statement filed to the Shanghai Stock Exchange.
An earlier plan announced by Dongfeng showed that the joint venture will boost its final engine production capacity to 200,000 units per year. It involves total investment of around 800 million yuan.
Wuhan, Hubei Province-based Dongfeng is the listed unit of China's third largest auto company Dongfeng Motor Corp. It partners with Japan's Nissan, Honda as well as French carmaker PSA Peugeot Citroen in China with product portfolios including Honda CR-V sport utility vehicle and Peugeot 307 sedans. The carmaker also rolls out sedans under its own nameplate as well as commercial vehicles.
In the same statement, Dongfeng reported its January sales plunged 34 percent year on year to 17,600 units. That included combined sales of 6,568 SUVs and multi-purpose vehicles, down 31 percent from a year earlier. Engine deliveries fell 49 percent to 11,780 units.
The new Dongfeng Xinchen Engine Co Ltd, with a registered capital of 250 million yuan (US$39.7 million), will be equally owned by the two parent companies, according to Dongfeng's statement filed to the Shanghai Stock Exchange.
An earlier plan announced by Dongfeng showed that the joint venture will boost its final engine production capacity to 200,000 units per year. It involves total investment of around 800 million yuan.
Wuhan, Hubei Province-based Dongfeng is the listed unit of China's third largest auto company Dongfeng Motor Corp. It partners with Japan's Nissan, Honda as well as French carmaker PSA Peugeot Citroen in China with product portfolios including Honda CR-V sport utility vehicle and Peugeot 307 sedans. The carmaker also rolls out sedans under its own nameplate as well as commercial vehicles.
In the same statement, Dongfeng reported its January sales plunged 34 percent year on year to 17,600 units. That included combined sales of 6,568 SUVs and multi-purpose vehicles, down 31 percent from a year earlier. Engine deliveries fell 49 percent to 11,780 units.
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