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Benzinga
Benzinga
Business
Akanksha Bakshi

Yuchai Forms JV For Engine & Emergency Services In China

JV China NYSE
  • China Yuchai International Limited (NYSE:CYD) unit GYMCL's subsidiary YMMC has formed a new joint venture, Suzhou Yuxing Automobile Technology Co., Ltd.
  • The JV will enhance the nationwide engine services and emergency services for all vehicles powered by Yuchai engines in China. The total registered capital for Suzhou Yuxing is RMB 5 million, pro-rated among the equity owners by their respective interest.
  • YMMC has a 30% equity interest in the JV. Xingwei Automobile Technology (Wuxi) Co., Ltd. owns a 25% equity interest, Tianjin Zhuoyu Automobile Technology Partnership has an 8% equity interest, and Fujian Zhongchuang Chelian Network Technology Co., Ltd., has a 12% equity interest. 
  • Tianjin Zhongding Chuangxing Automobile Technology Partnership, incorporated by YMMC's distributors, owns a 25% equity interest in the JV.
  • Price Action: CYD shares are trading lower by 0.19% at $10.79 on the last check Tuesday.
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