The world's largest commercial vehicle alliance greeted a milestone event on January 26th: DongFeng Commercial Vehicle Co., Ltd., a joint venture investment of DFG and the Volvo Group, was officially founded and put into operation. On the same day two years ago (January 26th, 2013), DFG and Volvo Group signed a strategic cooperation agreement according to which both sides decided to jointly invest in establishing a commercial vehicle JV business at a contribution proportion of 55%:45%. Today, this new JV business has officially fulfilled its strategic vision. A transformation from Chinese DongFeng to Global DongFeng, this new company dedicates itself to developing DongFeng Commercial Vehicle and steps forward on a new journey towards internationalization.
DongFeng Commercial Vehicle Co., Ltd. has a registered capital of RMB 9.2 billion, 55% of which is contributed by DFG and 45% of which is contributed by the Volvo Group. The Board of Directors (BOD) of DongFeng Commercial Vehicle Co., Ltd. consists of seven Directors, four of whom were appointed by DFG and three of whom come from the Volvo Group. In addition, DFG elected the Chairman and General Manager and the Volvo Group elects the Vice Chairman. In the first BOD of DongFeng Commercial Vehicle Co., Ltd., General Manager of DFM and President of DFG functions as Chairman and Huang Gang holds the post of General Manager.
DongFeng Commercial Vehicle Co., Ltd. will coordinate advantageous resources to develop, produce and sell DongFeng brand vehicles. Its products cover middle/heavy-duty trucks, passenger vehicles, dedicated vehicles, chassis, engines, transmissions, etc. In the future, this fledgling company will capitalize on the technologies and strong points of both sides to continue transforming and upgrading middle/heavy-duty commercial vehicle platforms, improve its commodity planning and R & D ability in an all-around manner, establish a world-class advanced commercial vehicle technology center and commodity planning system and build an overseas manufacturing system and overseas sales system that meet strategic development needs.
