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Caterpillar, Navita International and China Jianghuai Automobile have reached a joint venture plan with a total value of nearly 4 billion yuan (US$586 million). It will include two cooperative projects including the construction of trucks and engines.
The initial investment plan that has been reached is twice the size of the previous RMB 2 billion. The diesel engine project, which is funded by JAC and Navita International Group plans to invest 50% each.
There may actually be two joint ventures. The engine joint venture company will serve as a truck company supplier. Both sides have reached an agreement on the main issues and are currently negotiating certain technical details and will soon complete cooperation negotiations.
The planned joint venture heavy truck company will be established at JAC's manufacturing base in Hefei with an initial capacity of 40,000 vehicles. However, the top executives of JAC, Caterpillar, and Navita International Group have not issued corresponding responses.
If it goes well, the agreement also means that Caterpillar and Navita International will be among the 150 billion yuan heavy truck market in China, competing with Daimler and other European companies.
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