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    000550   CNE000000CV8

JIANGLING MOTORS CORPORATION, LTD.

(000550)
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AB Volvo buys Chinese truck business for about $125.7 million

08/23/2021 | 10:57am EST
FILE PHOTO: A Volvo logo is seen on a rim displayed at a Volvo showroom in Mexico City

STOCKHOLM/BEIJING (Reuters) - AB Volvo said on Monday it had struck a deal to buy a heavy duty truck subsidiary of Jiangling Motors Corp (JMC) for about 1.1 billion Swedish crowns ($125.7 million) to make trucks in the world's biggest vehicle market.

The acquired business includes a manufacturing site in China's northern city of Taiyuan. Volvo said it aimed to start production of its new heavy duty Volvo FH, Volvo FM and Volvo FMX trucks there at the end of next year.

The plant will have an annual production capacity of 15,000 trucks within a few years, with the potential to increase capacity further, Volvo said.

Chinese Geely, which owns passenger car company Volvo Cars, also holds a stake in AB Volvo. U.S. automaker Ford holds a stake in JMC, which makes Ford-branded vans and sport-utility vehicles in China.

Global truck makers are planning truck production in China due to the booming logistics services, including e-commerce, and new orders as authorities introduce increasingly tougher safety and emission regulations.

Scania, a unit under Volkswagen AG's commercial vehicle arm Traton SE, is building a wholly-owned factory in an eastern Chinese city, while a joint venture between Daimler and Foton said it would make Actros heavy duty trucks there.

(Reporting by Helena Soderpalm in Stockholm and Yilei Sun in Beijing; Editing by Niklas Pollard and Mike Harrison)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO -0.67% 215.1 Delayed Quote.2.60%
JIANGLING MOTORS CORPORATION, LTD. -2.70% 16.57 End-of-day quote.1.59%
VOLKSWAGEN AG -1.63% 187.62 Delayed Quote.5.71%
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Financials
Sales 2020 31 400 M 4 954 M 4 954 M
Net income 2020 481 M 75,8 M 75,8 M
Net cash 2020 8 314 M 1 312 M 1 312 M
P/E ratio 2020 29,8x
Yield 2020 1,58%
Capitalization 10 779 M 1 700 M 1 701 M
EV / Sales 2020 0,08x
EV / Sales 2021 0,04x
Nbr of Employees 14 788
Free-Float -
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Technical analysis trends JIANGLING MOTORS CORPORATION, LTD.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 16,57 CNY
Average target price 16,37 CNY
Spread / Average Target -1,23%
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Managers and Directors
Wong Manto President & Director
Wei Hua Li Chief Financial Officer
Tian Gao Qiu Chairman
Hu Xiao Chairman-Supervisory Board
Xian Jun Li Independent Director
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