On October 12 2016, KING LONG MOTOR GROUP (KLM) announced that the group is joining hands with Suzhou Chuang Yuan Investment Company to provide 3.5 billion RMB (515 million USD) guaranteed amount for their subsidiary company Higer Bus Company Limited (HIGER).
According to the announcement, KLM owns 60 percent shares of HIGER and Suzhou Chuang Yuan Investment Company holds 32 percent. In order to expand investment and financing channels, improve the financing power and reduce the financing costs to promote faster and better development, both companies will inject 3.5 billion RMB (515 million USD) assets into HIGER. Both companies will provide guaranteed amount with joint and several liability on the security of HIGER's borrowing from outside. Since April of this year, both companies had already provided 1.1 billion RMB (162 million USD) for HIGER’s development.
HIGER, a large state-owned enterprise, has worked hard throughout the years to become an industry leader in coach and bus manufacturing and take the lead in overseas exporting. On November 9, the SCANIA-HIGER new luxury coach manufacturing plant was officially put into operation, marking a new milestone in the history of HIGER. The two parties will focus on exploring the high-end coaches in this new plant which features energy saving and environmental protection and enables an annual production capacity of 1,000 units luxury coaches. In the past decade, SCANIA-HIGER luxury coaches have successfully made their way to over 40 countries and regions across the world, including UK, France, Belgium, Germany, and Australia, and 27 countries in European Union, becoming the leader with 90 percent of the China luxury coach market exports.
In recent years, HIGER new energy buses have been exported to Israel, Serbia, Bulgaria, Austria, Macau, Australia, etc. The arrival of HIGER ultracapacitor buses in Serbia made HIGER the pioneer in the mass production and commercialization of ultracapacitor buses.
Since HIGER implemented its internationalization strategy, the company has obtained the European Union EEC, Gulf GCC, Russia GOST certification and the market access certifications of Australia, Singapore, Hong Kong and other countries and regions. HIGER buses, coaches and light duty vehicles are available in more than 100 countries and territories with more than 30,000 units in overseas markets. Over 3000 HIGER units are operating in countries such as Algeria, Russia and Qatar respectively, whereas more than 1000 units are running in Angola, Saudi Arabia and many other countries. We pride ourselves on developing overseas markets, improving product quality and reliability and creating more value for our customers.