A joint venture between the local automotive industry and Daewoo from the Republic of Korea will start producing heavy-duty trucks in Guilin, Guangxi Zhuang Autonomous Region.
Under a pact signed here Monday, Daewoo will offer financial and technological assistance to the Guilin Daewoo Coaches Co. for the production of heavy-duty trucks to cater for the need of a rising Chinese market.
Launched seven years ago by Daewoo and its Chinese partner, Guilin Daewoo Coaches Co. has grown into a major producer of high-end passenger coaches in China.
The project in Guilin, a tourist city in Guangxi Zhuang Autonomous Region, is expected to produce 10,000 heavy-duty trucksa year, with an annual output value of 5 billion yuan.
China's sales of heavy-duty trucks have been rising at an annual rate 46.9 percent since 1997, industry sources said.
(Xinhua News Agency April 09, 2002)
