China International Marine Containers, the world's biggest manufacturer of containers, plans to set up a new truck-making joint venture with two domestic investment holding companies in Wuhu, Anhui province, Reuters reported.
The joint venture will manufacture medium- and large-sized trucks and truck parts. Investment in the first phase of construction will total Rmb2bn. Scheduled to start production in 2011, the Wuhu plant is likely to become the primary truck manufacturer in China, said CIMC.
CIMC estimated a net profit of Rmb1.5bn in 2008, some 40-60 per cent down on the previous year, mainly due to the global economic slowdown.