Acquired 50% equity of Huawo Company and was awarded the "Separation of Heavy Trucks" from Volvo


The relevant state authorities have approved the acquisition by Chunghwa of a 50% stake in Jinan Huawo Truck Co., Ltd., a joint venture between Volvo. At this point, heavy trucks and Volvo completely "break up."

The other party said that "heard that it has been approved". "But last year both sides announced that they had to terminate their cooperation. Approval was only a procedural issue. We have long been concerned about this issue."

Jinan Huawo Truck Co., Ltd. is the crystallization of heavy-duty trucks and Volvo after 9 years of hard love. In 2003, CNHTC and Volvo jointly formed Jinan Huawo Co., Ltd. in Jinan with a planned total investment of RMB 1.6 billion. The two sides each contributed 50% and the joint venture period is 30 years. After putting into production in 2004, due to various reasons, the joint venture company will soon be in a "lockout" state.

With the signing of a strategic agreement between CNHTC and MAN MAN, which is the world's heavy truck giant, in mid-July last year, it is widely believed that it will sooner or later be separated from Volvo. Shortly afterwards, relevant personages of heavy steam revealed that both parties have agreed to rescind the contract. In mid-November last year, Volvo officially announced that it had reached an agreement with the heavy truck, Heavy Truck agreed to purchase the shares of Jinan Huawo Truck Co., Ltd. jointly established with the heavy truck, and said that the agreement still needs the approval of relevant Chinese authorities.

However, so far, neither party has disclosed the transaction price of the 50% stake. It is understood that the total planned investment was RMB 1.6 billion. In fact, both CNHTC and Volvo invested only about RMB 100 million. The so-called Huawo Company is only an assembly shop. The investment of both parties is not large, and the direct economic loss that the “divorce” brings to both parties is not large.

With the acquisition approved by the relevant national authorities, heavy truck and Volvo completely "break up." 



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