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According to sources quoted by foreign sources, Chinese Jianghuai Automobile and Caterpillar Inc. of the United States, Navistar International Group (Navistar) has already reached a joint venture plan worth 4 billion yuan (US$586 million). It will include two cooperative projects including construction of trucks and engines.
Informed sources told Reuters that the initial investment plan reached is two times the scale of the previous 2 billion yuan.
Among them, the diesel engine project, JAC and Navista International Group plan to invest 50% each.
Sources said: "There may actually be two joint ventures. The engine joint venture company will serve as a supplier to the truck company. The two parties have reached an agreement on the main issues. They are currently negotiating on certain technical details and will soon be Complete cooperation negotiations."
The planned joint venture heavy truck company will be established at JAC's manufacturing base in Hefei with an initial capacity of 40,000 vehicles.
The senior officials of JAC, Caterpillar, and Navita International Group did not immediately respond.
If all goes well, the agreement will enable Caterpillar and Navita International to join the 150 billion yuan heavy truck market in China and compete with Daimler and other European companies.
The agreement will also provide Jianghuai Automotive with a new opportunity for development. This large Chinese company produces a wide range of automotive components and is currently diversifying the development of car and heavy truck manufacturing.