Iveco and SAIC are to restructure their joint ventures in China to further boost market development.

The equity structure of the joint venture between Iveco and SAIC will be revised.

The move will see Naveco, a 50:50 joint venture between Iveco and SAIC, be entirely focused on the Iveco brand. The Yuejin brand business will be separated from Naveco.

SIH (Saic Iveco Hongyan) is a joint venture between SI (a 50:50 JV between SAIC and Iveco), which holds 67% of the equity share, and CME (Chongqing Machinery & Electronics Holding Group Co. Ltd), which holds the remaining 33%.

The equity structure of this joint venture will be revised with SAIC directly entering into the capital with 53.92% of the shares, CME increasing to 34% and SI reducing its participation to 12.08%.

Iveco and SAIC undertook this restructuring to address the changes in the industry driven by China’s economic growth, and to meet customer demand.[/vc_column]