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Volvo Group President and CEO Europa Pesson revealed in an exclusive interview with reporters during the Boao Forum for Asia recently that a joint venture project with Dongfeng Motor is expected to be officially launched early next year. Currently, the two companies are stepping up their efforts to develop a joint venture alliance. Product strategy.
In January of this year, Volvo Group signed an agreement with Dongfeng Motor Group Co., Ltd. to acquire 45% of China Dongfeng Commercial Vehicle Co., Ltd. The total transaction amounted to RMB 5.6 billion. Europasson told reporters that this transaction still needs to be approved by relevant Chinese and EU governments. However, Dongfeng's previous production in Shiyan, Hubei Province is still in progress. Once the details of the approval are settled, both parties will consider introducing new technologies and product pricing strategies.
It is understood that the completion of the transaction with Dongfeng will make Volvo Group the world's largest manufacturer of heavy trucks, and for Dongfeng, it will also help Volkswagen's commercial vehicles to help the “Dongfeng†brand commercial vehicles to enter the international market.
In addition to being the world's manufacturer of heavy trucks and buses, the Volvo Group is the third largest manufacturer of construction equipment in the world. In China, the company’s main source of revenue contribution is construction machinery and construction equipment. Although China's real estate sector is affected by the regulation, Europpein believes that the construction machinery market in 2013 will remain basically the same as in 2012. At present, Volvo's construction machinery and construction equipment business has ranked first in China's market share of loaders and excavators.
Europa Payson told reporters that in 2012, sales in the Asian market accounted for 23% of the company's global market, and China has become its third largest independent market in the world. In addition to the contribution from the construction machinery and construction equipment business, it is expected that the trucking business in Asia will increase by 50% from the end of 2012 to 2015.