Iveco, Fiat's commercial vehicle subsidiary, has created a new joint venture in China to manufacture and market buses. The new company will be owned 50% by Iveco and 50% by the Changzhou Bus Company. The agreement entails an investment of USD40 million by Iveco, USD10 million of which in the form of expertise. The contribution of the Chinese partner will take the form of land, product range, buildings, machinery and plant.