Taiwan Yulon enters Mainland car rental industry
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The huge market for cars in mainland China has attracted major auto makers to try, including Yulon Group, Taiwan’s largest automaker.
Yesterday it was reported that the Yulon Group's auto business will increase investment in the Mainland, and the company plans to launch car rentals in Shanghai next year.
Leasing business, and involved in auto financing business, the investment amount is about 48 million yuan. This move underscores Yulon’s plans to establish a complete automotive operations group in the Mainland covering automotive manufacturing, new vehicle sales, car rental, property insurance and financing.
It is reported that Yulon’s car rental business will initially target Taiwanese businessmen and foreign businessmen. Yulon's two companies, which are responsible for car leasing and financing, have decided to set up a joint venture with US$5 million to set up a company in Shanghai, including Yurong, which holds 60% of the shares and holds 40% of the equity in the grid. Relevant documents have been submitted to relevant departments. Yulon’s first leasing company in the Mainland will be officially opened early next year if it is approved.
In fact, Yulon has already been deployed in the Mainland. As early as 2001, Yulon and Dongfeng Motor jointly established Dongfeng Yulon Marketing Co., Ltd., which is responsible for the sales of Dongfeng brand trucks. In 2004, Yulon also established Dongfeng Yulong Middle-wheeler replacement company with Dongfeng Motor in Shenzhen. In addition, Yulon is also seeking opportunities to produce and sell its own brand cars in the Mainland, and the partner is likely to be Dongfeng Motor.
In recent years, Taiwan’s auto companies have been enthusiastic about investing in the Mainland. Hetai Automobile also recently submitted an application to the relevant departments to set up a leasing company in Shanghai to pave the way for the Toyota and Lexus brand car rental business in the mainland next year; Sanyang Industry also cooperated with Xiamen Jinlong United Motors and plans to produce 11 or less light buses next year. Recently, the board of directors finalized a capital increase of 25 million yuan for Xiamen Jinlong United Motors.