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Changan's minibus
Changan seeks outside funding for light commercial vehicle unit
Automotive News China | 2019/2/12

Changan Automobile Co. is courting external investors to help strengthen its light commercial vehicle business. 

It plans to establish a joint venture with eligible investors, the state-owned automaker said in a statement. 

The new company will oversee r&d, production and sales of light commercial vehicles and related parts and components. It will also engage in logistics, used-vehicle sales and vehicle leasing, according to a company statement.

The light commercial vehicle unit has maintained growth in recent years, Changan said, without disclosing more operating details about the unit.

According to LMC Automotive, a consultancy, Changan was Chinas third-largest light commercial vehicle maker in 2018, following SAIC-GM-Wuling Automobile Co. and Beiqi Foton Motor Co. 

SAIC-GM-Wuling is a light-vehicle joint venture between SAIC Motor Corp. and General Motors. Foton is BAIC Motor Group Co.s truck subsidiary.

Last year, Changan delivered 339,069 light commercial vehicles, including minibuses, pickups and light trucks, an increase of 10 percent from 2017, according to LMCs data.

Changan is headquartered in the southwest China municipality of Chongqing. While producing and marketing passenger vehicles under the Changan brand, it also runs light-vehicle joint ventures with Ford Motor Co., Mazda Motor Corp. and PSA Peugeot. 

Because of steep sales declines at partnerships with Ford and PSA, Changan, a Shanghai-listed company, warned this month that 2018 net profit may have tumbled up to 93 percent to 500 million yuan ($74 million). 

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