JMC Heavy Duty Vehicle

JMC Heavy Duty Vehicle Co., Ltd.
Company typeSubsidiary
IndustryAutomotive
PredecessorTaiyuan Changan Heavy Truck Company
Founded8 January 2013
Headquarters
Taiyuan
,
China
Area served
China
Key people
Wu Xiaojun (general manager)[1]
ProductsTrucks
CN¥−303.330 million[2] (2017)
CN¥−219.831 million (2017)[2]
Total assetsCN¥2,061.645 million (2017)[2]
Total equityCN¥−327.366 million (2017)[2]
ParentJiangling 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
Transcriptions
Standard Mandarin
Hanyu PinyinJiānglíng Zhòngxíng Qìchē Yǒuxiàn Gōngsī
Websitewww.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.

History

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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

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

References

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  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. ^ a b c d "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. ^ a b c "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.
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