JAC invested $ 25.5 million shares of Brazilian companies

Published: 8:45:48 August 9,2013  Views: 161

In response to the Brazilian government for the localization of manufacturing requirements, JAC and Chery Automobile intends, Foton and other domestic passenger car business in Brazil set point to enhance the competitiveness of the local automotive market.

JAC announced that the company intends to set up a subsidiary Anhui Jianghuai Automobile Investment Co., Ltd. (Trade and Industry Register prevail) and SNS SNS common to the Brazilian subsidiary of JAC Automobile Co., Ltd. replenishment, making Brazil JAC Automobile Co., Ltd. became the company In Brazil engaged in automobile manufacturing and sales joint venture, the company name is Jianghuai Automobile Co., Ltd. in Brazil.

Joint venture's registered capital of 75 million U.S. dollars, of which subsidiary JAC Anhui Jianghuai Automobile Co., Ltd. invested $ 25.5 million investment, the registered capital of the joint venture accounted for 34%, SNS invested $ 49.5 million, representing the registered capital of the joint venture to 66%(http://www(Automotive News http://www.best-news.us/).best-news.us/).

Back in November 2011 JAC had announced that the company and the Brazilian distributor SNS signed the Framework Agreement >> << Brazilian plant, intended to establish a joint venture company in Brazil, with a total investment of 600 million U.S. dollars.

Brazil before 2012 is JAC's major export markets, export sales have accounted for JAC exports one-third of total sales, but the second half of 2011, the Brazilian government introduced a new tax policy: import car or by the Brazilian government is not required to complete localization index automobile production enterprises will be increased by 30% tax rate.

Chinese car sales in the Brazilian market but also export collective decline. Brazilian Automotive Industry Association released data show that in the first half of the Chinese car sales in Brazil collective decline, while market share reduced.

Kearney (Shanghai) Business Consulting Co., Ltd. Global Partner of Sun Jian told reporters that the domestic brands should not just be put on exports as the cornerstone of overseas strategy, but should be long-term planning, the localization of overseas markets early research into the production and localization agenda.

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