Man and Volvo selected one of its Sinotruk partners to surface gradually

At the end of 2008, a joint statement from China National Heavy Duty Truck (Hong Kong) Co., Ltd. caught widespread media attention. The announcement stated, "The company is currently in discussions with an independent third party regarding potential long-term strategic cooperation. Both sides are exploring the scope and nature of such collaboration." This vague yet intriguing statement sparked speculation about who the partner might be. During this period, reports suggested that Germany might be the chosen partner for SINOCHEM, but CNHTC had not yet confirmed any positive response. Recently, sources close to the company revealed that the potential partner could be Volvo, fueling further interest in the possible partnership. But which company will ultimately win CNHTC's favor—Volvo or German MAN? Could it be a collaboration between heavy-duty trucks and Volvo, or between heavy truck manufacturers and German MAN? **Volvo Confirms No Cooperation with CNHTC** Rumors have been circulating that Volvo might restart its cooperation with Sinotruk. However, Jiang Wei, Vice President of Volvo (China) Investment Co., Ltd., denied these claims, stating that no such cooperation exists between Volvo and CNHTC. Instead, Volvo has been focusing on expanding its collaboration with SINOCHEM, particularly in the construction machinery sector. Jiang Hao, another spokesperson, explained that construction machinery now accounts for 60-70% of Volvo’s business in China, with plans to increase that share in 2009. Passenger car projects, including joint ventures like Xiwo and Shenwo, make up around 20% of the business, while truck projects remain a small portion, less than 10%. Despite the lack of current cooperation, there are still reasons to believe that deep collaboration between Volvo and CNHTC isn't impossible. The 30-year joint venture agreement between them hasn’t expired yet, and the likelihood of Volvo taking over Dongfeng remains low. However, the previous joint venture, Waldorf Trucks, has struggled, and with CNHTC’s rapid growth, Volvo may find it difficult to gain a foothold again. In addition, the “Volvo-Dongfeng incident” faded after initial excitement. In early 2007, Volvo signed a non-binding framework agreement with Dongfeng Group and Nissan Motors, aiming to invest in Dongfeng’s commercial vehicle and engine business. While this was seen as a potential game-changer in the global heavy truck industry, the deal never materialized due to ambiguous responses from the involved parties. **MAN: A Possible New Partner?** Meanwhile, the spotlight has shifted to Germany’s MAN, which is now considered one of the last viable partners for CNHTC in the heavy truck sector. Although MAN has denied the rumors, insiders suggest that the cooperation between MAN and Sinotruk is likely already finalized, pending an official announcement. According to these sources, the collaboration is expected to take the form of capital investment rather than just technical partnerships. Options include licensing production or allowing MAN to acquire shares in CNHTC through new share issuance or existing share transfers. This type of partnership would allow both companies to align more closely, ensuring mutual growth. It’s also worth noting that MAN recently stepped back from its joint venture with Yutong Bus, indicating a shift in strategy. Guo Huanan, Director of the Propaganda Department at Sinotruk Group, emphasized that while no official news has been released, CNHTC is very selective when choosing partners. The company looks for alignment in vision, technological capability, and whether the partner can fill key gaps in their industrial chain. With the acquisition of Big Gear, CNHTC has strengthened its transmission capabilities, and the next partner should ideally bring in expertise where they need it most. Over the past few years, Germany’s M&A activities haven’t gone smoothly. While it acquired Scania, the outcome was not entirely favorable. However, the successful acquisition of Volkswagen’s Brazilian commercial vehicle division in 2009 showed that Germany is still active in expanding its global footprint. In 2008, MAN’s CEO announced a focus on emerging markets, with China being a top priority. Therefore, seeking a strong local partner makes sense for the company. Considering all these factors, the "independent third party" mentioned in CNHTC’s announcement appears to point more toward German MAN than Volvo.

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