MADISON, WI - ALD Automotive has formed a joint venture with Fortune Investment, part of Chinese steelmaker Baosteel, to accelerate the development of fleet management in China, according to Fleet Europe magazine.
The new joint venture, which is equally held by ALD and Fortune Trust, aims to build a fleet of 10,000 vehicles in five years. Operations are expected to start in the coming weeks. ALD Automotive has been present in China since 2006 and already manages a small fleet in Beijing and Shenzhen. The new entity will be managed by ALD Automotive China's CEO Olivier Forges.