In a strategic move to strengthen its position in the light commercial vehicle market, FAW has taken steps to consolidate its weaker segments. Yesterday, the company officially announced in Qingdao that it would merge FAW Hongta and FAW Harbin Light Depot to form FAW Light Vehicle Co., Ltd. This new entity will be based in Qingdao, with the headquarters for decision-making relocating there. The two existing facilities will continue to operate as production bases under the new structure.
In addition to combining these two units, FAW has injected an additional 295 million yuan into a wholly-owned subsidiary. Following the restructuring, FAW Group will hold 34.97% of the equity in FAW Hongta and the net assets of the Harbin Light Depot after adjustments. New assets will be transferred into the company, and once the capital increase is completed, the registered capital of the company is expected to reach approximately 650 million yuan.
FAW is placing significant emphasis on this integration, viewing it as a key step in its broader strategy. Yesterday, Yan Fufeng, the general manager of FAW who was about to take up a new role as vice governor of Jilin Province, personally traveled to Qingdao to unveil the newly established company, highlighting the importance of the initiative. This move not only strengthens FAW’s operational efficiency but also positions it more competitively in the evolving automotive landscape.
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