Development and Reform Commission approval did not release FAW-GM delayed the joint venture details


The details of the joint venture announced by FAW and GM yesterday were not announced as scheduled. Both FAW and GM China stated on the afternoon that due to the need for some approval procedures to be passed by the competent authorities, the official news of the joint venture between the two sides decided to postpone the release.

A general public relations official in China said that the press release for the joint venture and cooperation between the two parties has been drafted, but it has not been published yet. FAW insiders said that the National Development and Reform Commission's approval has not yet been issued, it is necessary to see the approval before the announcement of joint venture details.

Although the National Development and Reform Commission is not currently the competent ministry of the automobile industry, it is still the examination and approval department of major investment projects and has the right to kill and slay major investment projects. An insider of FAW told the reporter that the project is progressing smoothly and the approval of the NDRC will soon be obtained. He said that the two parties are ready to complete and even the publicity has been coordinated.

As they are the oldest brothers in the global automotive industry and the Chinese automotive industry, the GM and FAW joint venture issues have attracted worldwide attention. According to the reporter’s understanding, the two sides have been negotiating for nearly two years. According to the negotiated content, the two parties will establish a joint venture company named “FAW-GM Light Commercial Vehicle Co., Ltd.”. FAW’s 51% stake will be used to produce and sell light commercial vehicles. . It is worth noting that FAW's light commercial vehicle base in Harbin and FAW Hongta in Yunnan will be incorporated into the company's framework, and the business of the two commercial vehicle companies will be integrated.

Prior to this, the State Administration for Industry and Commerce had pre-approved the name of the joint venture company, which meant that after the establishment of the joint venture company, it could legally use the name "FAW-GM Commercial Vehicle Co., Ltd.".

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