Foreign direct investment of $12.1 million in the JV MAN Auto-Uzbekistan LLC

Uzavtosanoat JSC, Sinotruk International Investment Limited and MAN Truck & Bus SE signed an agreement on the creation of a joint venture of JV UZ TRUCK AND BUS MOTORS LLC based on the existing JV MAN Auto-Uzbekistan LLC JV. As a result of this, Sinotruk became one of the founders of the JV MAN Auto-Uzbekistan LLC JV, having made foreign direct investments in the authorized capital of the enterprise in the amount of $ 12.1 million. The choice of such a partner as “Sinotruk” is due to important factors such as the popularity of this equipment on the market of Uzbekistan and Central Asian countries, the availability, quality and wide range of products, besides that, since 2009 25% plus 1 (one) share of the company “Sinotruk” belong to the German concern “ MAN Truck & Bus SE ”(one of the founders of JV MAN Auto-Uzbekistan LLC).

Investments will be directed to increase production capacity from 3 thousand to 6 thousand units of commercial vehicles per year, the development of production of new models and the localization of components. This project will create more than 100 additional jobs, increase the export potential of the enterprise, as well as gradually increase the localization level of manufactured commercial vehicles to 50%.

For reference: Sinotruk manufactures commercial vehicles under various brands of small, medium and heavy lifting, as well as special-purpose trucks. The company ranks first in China in terms of production and export of heavy trucks, the production of which in 2019 amounted to 350 thousand units. Sinotruk’s turnover last year amounted to $ 15.7 billion, has more than 20 factories in China and 8 enterprises abroad.