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Olof Persson, president and chief executive officer of Volvo Group, revealed during an exclusive interview with reporters during the Boao Forum for Asia held yesterday that the joint venture with Dongfeng Motor is expected to be officially launched early next year. Currently, the two companies are also stepping up their efforts. New product strategy after the establishment of a joint venture.
In January of this year, Volvo Group signed an agreement with Dongfeng Motor Group Co., Ltd. Dongfeng Group repurchased medium- and heavy-duty commercial vehicle business and assets from Dongfeng Motor Co., Ltd., a joint venture with Nissan Motor Co., Ltd. Most of the business and assets will be transferred to New Dongfeng Commercial Vehicle Company established by Dongfeng Group and Volvo Group, Dongfeng Group and Volvo Group hold 55% and 45% of the shares, respectively.
Europa Payson told this reporter yesterday that this transaction still needs to be approved by relevant governments in China and the European Union. However, the new Dongfeng Commercial Vehicle Company will still develop, produce, and sell "Dongfeng" brand cars. The production in Shiyan, Hubei is still underway. Once the approval details are settled, the two parties will consider introducing new technologies and product pricing strategies. The products cover medium-heavy trucks, passenger cars, engines, and transmissions.
The joint venture project, which has been negotiated for nine years, can make up for the shortcomings of both parties. After the completion of the transaction with Volvo, Dongfeng will use Volvo's technology to help the "Dongfeng" brand commercial vehicle to go to the international market. For Volvo, it will see the production, R&D and other systems of Dongfeng commercial vehicle. In particular, the system of producing economical trucks.
It is worth noting that just last year, the Volvo Group announced its new truck business development strategy, which includes the development of new low-end truck series for growing emerging markets, and will be introduced to the market in the next few years.
In addition to being the world's manufacturer of heavy trucks and buses, Volvo Group is the world’s third largest construction equipment manufacturer. Currently in China, the company’s main source of revenue contribution is also construction machinery and construction equipment, Volvo’s construction machinery and construction equipment business. The market share of loaders and excavators in China has ranked first.
Regarding the future of construction machinery and construction equipment market, Europa Pesson believes that the construction machinery market in 2013 will remain basically the same as in 2012, and that in addition to the contribution of construction machinery and construction equipment business is expected to continue, it is expected that the company will be located in Asia. The growth of the truck business by 2015 will also be 50% higher than at the end of 2012.