Recently, Shaanxi Yanchang Petroleum (Group) Co., Ltd. invested in Shaanxi Auto Group Co., Ltd. to sign the ceremony in Xi'an. Yanchang Petroleum will share Shaanxi Automobile Group with RMB 1 billion in cash. The funds will be used for the "Eleventh Five-Year" development project of Shaanxi Heavy Vehicle Co., Ltd.
It is understood that Shaanxi Yanchang Petroleum is a large state-owned backbone enterprise group in Shaanxi Province. As of the end of September this year, its total assets have reached 56 billion yuan, and in 2005 sales revenue reached 30.3 billion yuan. It is a large-scale oil company integrating oil exploration, mining, refining, chemical industry, sales and transportation.
As an investor, Yanchang Petroleum will not participate in the decision-making and management of Shaanxi Automobile Group, but enjoy the shareholders' investment income right. At the same time, after coordination by the Shaanxi Provincial People's Government, Weichai Power will invest an additional RMB 1 billion in the Shaanxi Automobile Group.
According to Zhang Yupu, chairman of Shaanxi Automobile Group, Shaanqi Group is currently developing very rapidly. During the tenth five-year period, production and sales have increased significantly. All aspects of construction have also been significantly improved. During the 11th Five-Year Plan period, Shaanxi Auto will further increase the pace of enterprise development on the basis of the original development and the first-phase project of the newly established Beijiao New Base. The basic guiding idea is to implement the 3510 and 300 projects.
The 3510 project means that Shaanxi Heavy Duty Truck will achieve the target of producing, selling 30,000, 50,000 and 100,000 vehicles in three stages this year, next year and 2010 respectively.
In the 300 project, the entire group is centering on the development of heavy trucks to comprehensively develop other commercial vehicles, including medium-heavy vehicles, large passenger vehicles and other types of commercial vehicles. At the same time, according to the development of heavy trucks and other commercial vehicles, the corresponding components will be developed simultaneously. Continuously expand the Shaanxi Automobile Group's industrial chain, so that Shaanxi Automobile Group achieved sales revenue of 30 billion in 2010.
From January to October this year, the production and sales of Shaanxi Heavy Duty Truck increased by more than 100% year-on-year. As of the end of October, the production and sales of heavy trucks has exceeded 25,000. In 2006, the production and sales of Shaanxi Heavy Duty Trucks 30,000 vehicles, the goal of the Group's production and sales of 40,000 vehicles has basically become foregone conclusion. The company’s sales revenue will reach 8 billion yuan, laying a good foundation for over 10 billion yuan next year.
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