The FINANCIAL — After personnel changes at MAN SE, the strategic partner in the Chinese commercial vehicles business Sinotruk (Hong Kong) Limited (Sinotruk) is now also changing the setup of its Board of Directors as of October 1, 2015.
In this context, Andreas Renschler, Chief Executive Officer of Volkswagen Truck & Bus GmbH, and Joachim Drees, Chief Executive Officer of MAN Truck & Bus AG, will be the new non-executive directors, replacing the former MAN managers Dr. Georg Pachta-Reyhofen and Jörg Astalosch, who have left the Board. Anders Nielsen, Director at Volkswagen Truck & Bus GmbH responsible for business development, is a member of Sinotruk’s Board of Directors.
“The Chinese market is a great opportunity and challenge for us. In the long term, I see a lot of potential for commercial vehicles there. We want to leverage the existing potential together with our partner Sinotruk” says Andreas Renschler.
In 2009, MAN SE acquired an interest in 25% plus one share in the listed Chinese truck manufacturer Sinotruk to further increase its presence in the Chinese market. At the core of this partnership is the combination of MAN’s progressive technology and know-how with Sinotruk’s production platforms, local expertise, and extensive sales network, according to Volkswagen.
The Volkswagen Truck & Bus GmbH, headquartered in Braunschweig, has been restructuring the business of Volkswagen AG’s medium- and heavy-duty vehicles since summer 2015. The brands MAN, Scania, and Volkswagen Caminhões e Ônibus are brought together more closely in the holding; this allows a more focused management of the truck and bus business and will increase its global presence.
The parent company of Sinotruk, China National Heavy Duty Truck Group Company Limited (CNHTC), built its first heavy-duty truck in China in 1960 and already licensed the truck technology of the MAN subsidiary Steyr Nutzfahrzeuge in Austria (today MAN Nutzfahrzeuge Österreich AG) in 1984. Today, Sinotruk is one of the leading manufacturers of heavy-duty trucks in China.