SAIC Hongyan

　　SAIC Iveco Hongyan Commercial Vehicle Co., Ltd. (hereinafter referred to as the "Company") is a heavy-duty vehicle manufacturer jointly invested and established by SAIC Iveco Commercial Vehicle Investment Co., Ltd. and Chongqing Machinery & Electronics Holding (Group) Co., Ltd. The Company is registered in Chongqing Northern New District with a registered capital of RMB 1.9 billion. It has now invested more than RMB 2 billion to build a new complete vehicle production base with an annual output of 80,000 units in Chongqing Northern New District, and continues to focus on building the Shuangqiao production base featuring key components such as distinctive Hongyan axles and ZF steering gears, making it one of the pivotal heavy-duty vehicle manufacturing bases in China.

　　The predecessor of the Company, the former Sichuan Automobile Manufacturing Plant, was China's first high-starting-point heavy-duty military off-road vehicle production base, built in the mid-1960s with the approval of the State Council and the introduction of French Berliet military vehicle technology. It has nearly 50 years of professional manufacturing experience in heavy-duty vehicles.

　　The joint venture has introduced Iveco brand prototype vehicle technology with internationally advanced level and competitiveness. In accordance with national industrial policies, it produces high-end Iveco brand vehicles to meet high-end market demand; it adopts licensed technology from Iveco and uses existing platforms to develop a number of technologically advanced, practical, safe and cost-competitive "Hongyan" brand heavy-duty vehicles to meet mid-range market demand; on existing platforms, it combines Iveco's advanced technology to continue upgrading self-owned "Hongyan" products, with emissions meeting National IV and above standards, leading other domestic heavy trucks, and enabling the entire product system to reach domestic first-class and internationally leading levels.