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Motorbike joint venture agreed
By Guo Zhuo (China Daily)
Updated: 2004-04-19 08:46

Leading European motorcycle manufacturer Piaggio Group and Chongqing Zongshen Motorcycle Group agreed to set up a joint venture over the weekend.

The venture - Foshan Zongshen Piaggio Motorcycle Co Ltd - will be based in Foshan, in South China's Guangdong Province.

With a registered capital of US$29.8 million, the new company, whose annual output is expected to reach 100,000 motorcycles this year, will focus on making scooters and high-end motorcycles.

The agreement will also lead to further expansion, with the Chinese and Italian sides agreeing to set up a motorcycle engine plant in Chongqing, Southwest China, with an envisaged annual output of 500,000 units.

The deal means that Piaggio will make its modern and innovative technology available to Zongshen, and the Chinese firm will have the right to use the Piaggio brand without paying intellectual property fees.

Both of these steps may help break Japanese motorcycle manufacturers' current monopoly in the Chinese market.

Piaggio Group President Roberto Colaninno said his firm's global marketing strategy will be further enhanced thanks to its co-operation with Zongshen.

"We believe Zongshen will be a great partner and Piaggio will enjoy excellent performance in the Chinese motorcycle market thanks to this partnership," he said.

Zongshen Group President Zuo Zongshen said at the signing ceremony that the relationship between the two firms would be "entirely equal."

"Piaggio has leading technology in the manufacturing of motorcycles, while Zongshen is familiar with Chinese consumers' habits and the domestic motorcycle market.

"Co-operation with Piaggio will greatly reduce manufacturing costs, and further enhance our competition capability in the Chinese and international motorcycle markets."

Founded in 1884, Piaggio is now one of the world's leading manufacturers of motorized two-wheeled vehicles, and the European market leader in this sector. It also plays a role in the light transport vehicle and engine markets.

Its Chinese partner, Chongqing Zongshen Motorcycle Group has 52 fully invested or share holding subsidiary companies, with total assets exceeding 4 billion yuan (US$480 million).

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