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Yuchai International (CYD.US) Announces Strategic Partnership with Vietnam's Golden Dragon Auto, Shares Soar Before Market Open
Generated by AI AgentMarket Intel
Thursday, Feb 20, 2025 8:10 am ET1min read
Yuchai International (CYD.US) announced on Thursday that its major operating subsidiary in China, Guangxi Yuchai Machinery Co., Ltd. has signed a strategic cooperation agreement with King Long Motor, a subsidiary of Vietnam's FUTA Group.
The agreement includes the granting and provision of technology licenses, parts supply and related support services, as well as services for King Long Motor's engine plant construction in Vietnam.
Yuchai has granted King Long Motor the technology license rights for certain engine series models, which will mainly be used for trucks, buses and other commercial vehicles in Vietnam.
King Long Motor will also have the exclusive right to sell licensed engines in the Vietnamese market.
The licenses are valid for 15 years, with a total licensing fee of US$28 million.
Yuchai will assist in the construction of the engine plant in Vietnam and will provide all engine assembly parts and service packages.
As of the time of writing, Yuchai International's shares rose 18.80% before the market opened, and the stock rose 18.22% in the previous trading day.
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