It used to be New York where if you could “make it there, you’d make it anywhere”, now that seems to be the booming Chinese market.
Iveco has just announced a new focus on making tracks in the mammoth Chinese truck market.
The Italian truck manufacturer has just announced it will be restructuring its joint venture arrangement with partners, SAIC, with a view to rapidly increasing sales and market share in China’s commercial vehicle market.
As part of the new arrangements a new business, known as Naveco, will be established and will be entirely focused on the Iveco brand.
Head of Iveco (Asia-Pacific), Michele Lombardi, says Iveco and SAIC undertook the restructuring to address the changes in the industry driven by China’s economic growth, and to meet the evolving demands of customers.
“With this restructuring, we are able to prioritize our investments and focus on the Iveco brand business in China, taking the lead in the transition towards sustainable transport.
“Iveco offers a wide range of commercial vehicles and buses that deliver advanced technologies, low TCO (Total Cost of Ownership) and high performances, making them the ideal business partners for Chinese customers.
“This strategic re-alignment will enable us to bring the best Iveco technologies and products to the Chinese market and to develop export opportunities for the vehicles produced by our joint ventures in China.”