Iveco has signed a new joint venture agreement with Najing Automotive Corporation to increase the range of vehicles produced in China, according to AFX news.

As part of the deal the existing joint venture company, NAVECO, acquires the commercial vehicle business of Nanjing's subsidiary, Yuejin Motor Corporation.

Yuejin produces 50,000 light trucks a year, while NAVECO produces around 20,000 Daily-based vans and minibuses.

The new company will also sell heavy trucks to be produced in Chongqing by Iveco's joint venture with Shanghai Automotive Industry Corporation (SAIC).

Iveco CEO, Paolo Monferino, is quoted as saying that Naveco's acquisition of Yuejin Motor completes Iveco's strategy of having a full range of commercial vehicles in China.