Portugal investment news - Portuguese company Salvador Caetano just obtained the exclusivity for Chinese car brands M-Hero, Voyah, and Dongfeng for Portugal and Spain.
The Salvador Caetano group has signed an exclusive distribution agreement with Dongfeng Motor Corporation, that is one the largest automotive groups in China. The new brands will be launched on the Iberian Peninsula in 2024.
Premium car brand M-Hero is an off-road armored military concept EV, while VOYAH is a premium electric vehicle brand providing comfort and elegance, and Dongfeng is a joint venture co-branded with brands such as Honda, Nissan and Peugeot.
Dongfeng Motor Corporation Ltd is the third largest state-owned automotive manufacturer in China, with headquarters in Wuhan. Its subsidiary Dongfeng Motor Group has total assets of 499.3 billion yuan, and it has 127,000 employees.
Portuguese group Salvador Caetano is an international group that is based in the district of Porto and that distributes automotive brands to Europe, South America, and Africa. The group, that operates in the automotive industry since over 75 years, will expand its portfolio and target new markets.
The Salvador Caetano group also has production units that include the Toyota Caetano Portugal factory that produces the Toyota Land Cruiser, as well as the CaetanoBus factory that builds efficient buses with zero emissions. With a fortune valued at 996 million euros, the Salvador Caetano family, that owns of the automotive industry empire, is the 10th richest family in Portugal, according to Forbes.
The Salvador Caetano group is the largest automotive retail operator in Portugal and distributes a number of brands including Audi, BMW, BYD, Chevrolet, Citroën, Dacia, Ducati, Fiat, Ford, Honda, Hyundai, Isuzu, Jeep, Kia, Lexus, Mercedes, Midas, Mini, Nissan, Opel, Peugeot, Renault, Seat, Skoda, Smart, Toyota, and Volkswagen.