August 26, 2010 / 10:24 AM / in 7 years

UPDATE 1-MAN says focused on project with Sinotruk

* MAN says could increase stake in Sinotruk

* Says current focus on on joint truck project (Adds quote from chief executive, details)

By Fang Yan and Ken Wills

BEIJING, Aug 26 (Reuters) - Germany’s MAN SE (MANG.DE) could increase its stake in China’s Sinotruk (3808.HK) but its focus for now is on a joint truck project, the German industrial group’s chief executive said on Thursday.

MAN took a 25 percent stake in Chinese truck maker Sinotruk last year and the companies had been jointly working on a new truck family expected to be rolled out in 2011, the companies said in a joint statement.

The trucks would be sold in China and other markets such as Russia, the Middle East and other Asian countries, Georg Pachta-Reyhofen told reporters in Beijing.

    He added that they aimed to sell 20,000 trucks in the first full year.

    Volkswagen AG (VOWG.DE), which owns a 30 percent stake in MAN and controls 71 percent of Swedish truck maker Scania AB’s SCVb.ST votes, has said it believes a three-way truck alliance could yield as much as 1 billion euros ($1.27 billion) in savings for the three companies. [ID:nWEB3173]

    Asked about the possibility, Pachta-Reyhofen said: “We are working with a lot of companies, especially on a components basis. I think it’s worth looking into with which components we are able to use synergies, volume or just knowhow. I think it’s a good idea to do so.” (Editing by Chris Lewis)

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