JMC Heavy Duty Vehicle

Last updated
JMC Heavy Duty Vehicle Co., Ltd.
Type Subsidiary
Industry Automotive
PredecessorTaiyuan Changan Heavy Truck Company
Founded8 January 2013
Headquarters,
China
Area served
China
Key people
Wu Xiaojun (general manager) [1]
Products Trucks
CN¥−303.330 million [2] (2017)
CN¥−219.831 million (2017) [2]
Total assets CN¥2,061.645 million (2017) [2]
Total equity CN¥−327.366 million (2017) [2]
Parent Jiangling Motors
Chinese name
Simplified Chinese 江铃重型汽车有限公司
Traditional Chinese 江鈴重型汽車有限公司
Website www.jmch.com.cn

JMC Heavy Duty Vehicle (JMCH) is a dormant Chinese manufacturer of Ford-based heavy trucks owned by Jiangling Motors. It was established in 2013 as a successor of Taiyuan Changan and is headquartered in Taiyuan.

Contents

History

In August 2012, Jiangling Motors announced it would acquire all the stake of the Taiyuan-based heavy truck manufacturer Taiyuan Changan Heavy Truck Company from its shareholders Changan (80% stake) and China South Industries Group Corporation (20%). [3] [4] Taiyuan Changan Heavy Truck had been established in 2007 and planned to sell about 15,000 trucks by 2012 and be in the level of the top-ten truck manufacturers within China, but the actual number that year was about 3,000. [5] Taiyuan Changan Heavy Truck was reincorporated as JMC Heavy Duty Vehicle (JMCH) and restarted operations on 8 January 2013. [6] In July 2014, Ford and JMCH signed an agreement for the latter to produce Ford-based heavy trucks. [7] In 2015, JMCH completed the construction of a new assembly plant and an engine plant. [6] The first product from the company, the Cargo-based Weilong, was unveiled at the 2017 Shanghai Motor Show [8] and deliveries started in October 2017. [9] In 2018, the company introduced the F-MAX-based Weilong HV5. [10]

In August 2020, following constant yearly losses, JMC announced it had spun off JMCH's engine branch into a separate company called Taiyuan Jiangling Power Co., Ltd. In October 2020, it announced it had put a 60% controlling stake from the new company on sale. [11] In January 2021, it announced it had sold the stake to the Yunnei Group (a state-owned holding controlled by the Kunming State-owned Assets Supervision and Administration Commission). [12] That same month, JMC said it would increase the JMCH capital with the aim of improving its assets-liabilities ratio and facilitating a company restructuring. [13] In May 2021, JMC said its board had decided to list JMCH for sale. [14]

In August 2021, Volvo Trucks, a division of Volvo Group, announced its intention to acquire JMCH for around CN¥800 million. [15] In May 2023, Volvo Trucks announced that it had abandoned its takeover and instead would continue to import its products to China. [16] By the end of the month, Jiangling Motors said it had indefinitely suspended JMCH's production and sales. [17]

Products

The company has sold two Ford-based heavy trucks, the Weilong and Weilong HV5, under various configurations. [6]

Related Research Articles

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References

  1. "百台大单!江铃威龙重卡助力复工复产" (Press release) (in Chinese). JMC Heavy Duty Vehicle. Retrieved 18 May 2021.
  2. 1 2 3 4 "Jiangling Motors Corporation, Ltd. 2017 Annual Report" (PDF). JMC. p. 14. Retrieved 5 April 2019 via Sohu.
  3. "Ford Gains Foothold In China Truck Field". Wall Street Journal. 8 August 2012. Retrieved 4 April 2019.
  4. Roberts, Graeme (8 August 2012). "Ford/Jiangling JV targets heavy truck sales with acquisition". Just-auto.com. Retrieved 4 April 2019.
  5. Geng, Huili; Yang, Xiaolin (8 August 2012). "JMC, The Bridge Of Chang'an And Ford For Heavy-Duty Truck Cooperation". chinaautoreview.com. Retrieved 5 April 2019.
  6. 1 2 3 "江铃重汽" [Jiangling Heavy Vehicle]. 360che.com (in Chinese). Retrieved 4 April 2019.
  7. "JMC Heavy-duty Auto Gets Technology Support from Ford". Chinatrucks.com. 28 July 2014. Retrieved 4 April 2019.
  8. "Auto Shanghai 2017: JMC's First Heavy Truck Weilong Shows up". Chinatrucks.com. 21 April 2017. Retrieved 4 April 2019.
  9. "JMC Weilong Heavy-duty Trucks Delivered to Their First Customers for Operation". Chinatrucks.com. 27 October 2017. Retrieved 4 April 2019.
  10. "JMC Weilong Wide body HV5 Coming Off Line and Set to Launch Next Month". Chinatrucks.com. 25 October 2018. Retrieved 4 April 2019.
  11. "江铃汽车拟转让全资子公司60%股权 欲拓展重卡业务?" [JMC intends to transfer a 60% equity of its wholly-owned subsidiary. Does it want to expand its heavy truck business?]. nbd.com.cn (in Chinese). 14 October 2020. Retrieved 30 October 2020.
  12. "江铃汽车正式出售江铃动力60%股权,昆明国资控股企业接盘" [JMC officially sold a 60% stake of Jiangling Power, it was acquired by a Kunming state-owned holding company]. sohu.com (in Chinese). 8 January 2021. Retrieved 9 January 2021.
  13. "江铃汽车:拟11.42亿元现金增资江铃重汽 降低其资产负债率便于进行业务重组" [JMC plans to increase the JMCH capital by CN¥1.142 billion to improve its asset-liability ratio and facilitate a business restructuring]. jrj.com.cn (in Chinese). 8 January 2021. Retrieved 9 January 2021.
  14. "挂牌7.6亿的江铃重汽 谁会接手?" [Who will take over the CN¥760 million-listed JMC Heavy Duty Vehicle?]. cv.ce.cn (in Chinese). 12 May 2021. Retrieved 12 May 2021.
  15. "Volvo Trucks acquires heavy-duty truck manufacturing operation in China" (Press release). Volvo. 23 August 2021. Retrieved 21 September 2021.
  16. "Volvo Trucks discontinues the acquisition of heavy-duty truck manufacturing operation in China" (Press release). Volvo Group. 12 May 2023. Retrieved 4 June 2023.
  17. "江铃汽车:江铃重汽已暂停生产和销售,坚定新能源转型" [Jiangling Motors: JMC Heavy Duty Vehicle has suspended production and sales. The company is committed to new energy transformation]. Automotive News Gasgoo (in Chinese). 24 May 2023. Retrieved 11 July 2023 via Tom.