Dec. 5th, 2017
MILWAUKEE--(BUSINESS WIRE)--
REV Group (NYSE: REVG), a $2+ billion manufacturer of industry-leading
specialty vehicle brands and leading provider of parts and services
announced today that it has established a joint venture with China’s
Chery Holding Group in Wuhu to manufacture RVs, ambulances and other
specialty vehicles for distribution within China and select
international markets.
Chery and REV will initially focus on RVs, with 6 models, and
ambulances, with 3 models. The joint venture will also explore the
development of other types of specialty vehicles. These products will be
sold in China and internationally through Chery’s existing distribution
network.
This joint venture will combine the strengths of REV, an industry
leading specialty vehicles manufacturer in North America, and Chery, a
leading auto manufacturing conglomerate and the largest exporter of
passenger vehicles in China, servicing 6.5 million customers worldwide.
The joint venture will bring together expertise in technology,
manufacturing, marketing and management to develop a leading specialty
vehicles platform.
Tim Sullivan, CEO and President of REV Group commented, “This is the
culmination of two years of extensive research and study of the China
market. Several individuals on our management team have extensive
experience in China and we wanted to make sure we got it right. This is
a significant step in our strategy to move our REV products into the
international markets. We absolutely chose the right partner and we
couldn’t be more enthusiastic about the future of our relationship with
Chery.”
The China market has been evolving rapidly, driven by the recent rise in
disposable income levels. The RV industry in China will be fueled by an
increased level of spending on travel and leisure, with strong support
from the Chinese government. The ambulance industry in China is poised
for strong growth, with replacement demand, more stringent regulatory
requirement, an aging population and increase in healthcare budget.
Chery and REV will begin immediately to develop the joint venture
facilities in Wuhu, Anhui Province. The first vehicles are targeted to
be made available to the market in second half of 2018.
Wuhu Municipal Government Officials, Mr. Yin Tongyao, Chairman of Chery,
Mr. Tim Sullivan, CEO of REV, along with other distinguished guests
attended the signing ceremony in Wuhu on December 5, 2017.
About REV Group
REV (REVG)
is a leading designer, manufacturer and distributor of specialty
vehicles and related aftermarket parts and services. REV serves a
diversified customer base primarily in the United States through three
segments: Fire & Emergency, Commercial and Recreation. REV provides
customized vehicle solutions for applications including: essential needs
(ambulances, fire apparatus, school buses, mobility vans and municipal
transit buses), industrial and commercial (terminal trucks, cut-away
buses and street sweepers) and consumer leisure (recreational vehicles
(“RVs”) and luxury buses). REV’s brand portfolio consists of 29
well-established principal vehicle brands including many of the most
recognizable names within our served markets. Several of REV’s brands
pioneered their specialty vehicle product categories and date back more
than 50 years. Investors-REVG
View source version on businesswire.com: http://www.businesswire.com/news/home/20171205006465/en/
REV Group
Sandy Bugbee, 1-888-738-4037 (1-888-REVG-037)
VP,
Treasurer and Investor Relations
[email protected]
Source: REV Group
