In September 2021, it adopted its present name after becoming a wholly owned subsidiary of Shanghai New Power Automotive Technology.

The company is focused on producing Iveco-based heavy trucks which are mostly marketed under the Hongyan marque.

The plant began production in 1966, initially assembling Hongyan-badged military vehicles based on Berliet technology.

The plant launched new products and diversified its heavy truck offer during the 1990s,[3] increasing exports to foreign markets.

SAIC Iveco Hongyan began the construction of a new plant[6] and its first product, the Genlyon heavy truck, was launched in 2009.

SAIC Hongyan produces medium-heavy trucks ranging between 160 and 560 metric horsepower for highway logistics and engineering, construction and special-purpose heavy vehicles.

[16] As of 2019[update], trucks produced by SAIC Hongyan include the Genlyon (based on the Iveco Stralis AS),[17] the Kingkan,[18] the Genpaw[19] and the Gentruck.