FAW TRUCKS, one of China’s leading commercial vehicle manufacturers, has approved a plan to establish wholly owned subsidiaries in eight countries as part of its effort to expand its global footprint. The countries include Uzbekistan, Indonesia, Vietnam, Saudi Arabia and Mexico, with a total planned investment of 498 million yuan (approximately $68 million).

The decision, approved at a board meeting on July 1, supports the company’s broader internationalization strategy known as “SPRINT 2030.” The initiative aims to enhance overseas operations, boost local market presence and drive international sales growth.

Since launching the SPRINT 2030 strategy in December 2023, FAW TRUCKS has taken several steps to advance its global ambitions. These include establishing FAW TRUCKS International Automotive Co., acquiring FAW Africa Investment Co. and Jiefang Tanzania, signing a vehicle supply agreement exceeding 1,000 units with Indonesia’s GMM, and entering a memorandum of understanding with a South Korean partner.

The creation of eight new overseas subsidiaries marks a significant milestone in the company’s international expansion, with a focus on early-stage market entry and localized development in high-potential regions.

FAW TRUCKS said it will continue to advance its six global strategic pillars: international presence, multi-brand operations, technological innovation, business model innovation, collaborative development, and a people-centered approach. The company has set its long-term goal of becoming China’s leading commercial vehicle brand and a globally recognized industry player.

Source : www.chinatrucks.org

Editor : Alison

Views : 4614

Tags : FAW TRUCKS Susidiaries Overseas