Jiangling Motors (000550) announced on the evening of March 24 that the company’s board of directors reviewed and approved the J09 Foreign Supplier Project Development and Testing Agreement with the Ford Motor Company and the Memorandum on the Application of Automatic Transmission in the J09 Project. Sales of a technology license contract for the 6-speed automatic transmission and all-wheel drive system (applied to the Jiangling brand vehicle) and "Engineering service agreement for the 6-speed automatic transmission and all-wheel drive system (applied to the Jiangling brand vehicle)".
J09 is a new generation of Transcend products that the company plans to introduce from Ford Motor Company. According to the agreement, the company will pay Ford’s foreign supplier engineering development costs of no more than US$17 million (including a reserve of US$900,000). At the same time, during the pre-engineering work of the company's application of automatic transmissions for the J09 project, Ford provided support with a $14.90 million engineering service fee.
In addition, the "Technology Licensing Contract for the Sale of 6-Speed ​​Automatic Transmissions and All-Wheeled Systems (Applied to JMC Brands for Complete Vehicles)" involves a 6-speed automatic transmission and all-wheel drive system, and the contracted products will be matched with the Jiangling brand vehicle. Ford will also provide Jiangling with design, engineering, testing, consulting, and other related services in support of Jiangling's contracted products for the Jiangling brand vehicle.
Ford holds a 32% stake in Jiangling Motors, the company's second largest shareholder. Jiangling Motors believes that through the arrangement of the agreement, an agreement signed by Ford and overseas suppliers will facilitate the smooth progress of the J09 project. At the same time, the introduction of a six-speed automatic transmission and an all-wheel drive system from Ford will help the company continue to maintain its competitive advantage in the industry.
According to statistics, JMC's main products include JMC series light trucks, pickup trucks, Yusheng brand SUVs, Jiangling heavy trucks and Ford brand Transit commercial vehicles. Previously, the company had signed "J09 vehicle license agreement" and "J09 vehicle engineering service agreement" with Ford.
In 2013, Jiangling Motors completed sales of 230,000 vehicles, an increase of 15% from 2012; revenue of 20.89 billion yuan, an increase of 20% over 2012; and net profit of 1.698 billion yuan, up 12% year-on-year.
According to the data disclosed in the company's annual report, in 2013 the company sold 79,936 JMC brand light trucks, 67,733 JMC brand pickups, 14,160 Yusheng brand SUVs, 67,785 Ford brand commercial vehicles, and 392 heavy trucks. Among them, Quanshun’s share in the light passenger market was 20.6%, up 0.2% from the same period of last year. According to the plan, in 2014, the company will continue to promote the development of investment projects including J08, J09, J10, and J18.
Industry insiders pointed out that J09, as the next generation of Quanshun products, is one of the key projects that the company developed last year. As last year’s sales record of Jiangling Transit hit another record high, Ford will increase its investment in JMC commercial vehicles. The signing of the agreement will contribute to the further promotion of the J09 project.
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