Slimming and improving quality, focusing on the main business, Jiangling Motors intends to sell the entire equity of Sinotruk
Automotive Information Network News on May 7th Jiangling Motors issued an announcement stating that the board of directors of Jiangling Motors approved the sale of a wholly-owned subsidiary at a price of not less than 764 million yuan through the public listing of Shanxi Property Rights Exchange Market Co., Ltd. Jiangling Heavy Duty Truck Co., Ltd. (abbreviated as: Jiangling Heavy Duty Truck) 100% of the equity, authorized the company's executive committee to approve equity transfer and other agreements and transaction specific operational matters, and submit it to the company's shareholders meeting for approval.
Jiangling Motors stated that the future after-sales problems of JMC's sold models have been properly arranged, and the relevant after-sales promised services will not be reduced or exempted. The provision for asset impairment caused by business restructuring has been included in the profit and loss of Jiangling Motors in 2020. The operation and maintenance of Jiangling Heavy Truck and the sale of equity will not have a significant impact on the company's consolidated profit and loss.
After the sale of Jiangling Heavy Duty Truck, Jiangling Motors will further focus on the company's superior resources, focus on areas with high growth potential, and accelerate the implementation of the strategy of 'becoming a leader in the light commercial vehicle industry and a provider of Ford's cost-effective products' Landing. And through a series of measures such as the 'War Wolf Plan
According to public information, in 2012, Jiangling Motors acquired the Taiyuan Changan Heavy Vehicle Co., Ltd. held by China North Industries Group Corporation and China Changan Automobile Group Co., Ltd. at a price of no more than 270 million yuan. All the shares of the company; in January 2013, after completing the corresponding industrial and commercial registration changes, Taiyuan Changan Heavy-duty Truck Co., Ltd. was renamed Jiangling Heavy-duty Truck Co., Ltd. and became a wholly-owned subsidiary of the company. Jiangling Motors also officially entered the heavy-duty truck market .
In August 2020, Jiangling Heavy Duty Truck Co., Ltd. will be split according to the vehicle and engine business, and will be split into the surviving company 'Jiangling Heavy Duty Truck Co., Ltd.' and the newly established company 'Taiyuan Jiangling Power Co., Ltd.'. At the beginning of this year, Jiangling Motors has completed the sale of 60% equity of Jiangling Power. After the sale of 100% of JMC's shares, it also means that JMC will officially withdraw from the domestic heavy-duty truck market.
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