LUOYANG — Yutong (Group) Corp. establishes a new subsidiary, Luoyang Yutong Automotive Co. Ltd., in Luoyang, Henan province. The new subsidiary will be located at a plant that was once a military facility under the People's Liberation Army in the 1960s. After changing ownership several times, the plant began automotive production in the 1970s. Helped by Zhengzhou Yutong, the plant has received more than RMB10 million (US$1.2 million) in loans. The failing plant produced only 90 vehicles, ...
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