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China Automotive Systems signs joint venture agreement with Hyoseong Electric Co.

Auto Business News-December 28, 2018--China Automotive Systems signs joint venture agreement with Hyoseong Electric Co

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Auto Business News - 28 December 2018

China Automotive Systems, Inc. (Nasdaq: CAAS), a power steering components and systems supplier in China, has signed a joint venture agreement with Hyoseong Electric Co to establish a joint venture named Hyoseong (Wuhan) Motion Mechatronics System Co. Ltd.

The contract has been signed to design, manufacture and sell electric motors for automotive electric power steering systems.

The joint venture is 51 percent owned by CAAS and 49 percent by Hyoseong Electric. A new production facility is being planned near China Automotive Systems, Inc 's headquarters in Wuhan with an expected annual capacity of 4.5 million units upon completion. Total investment in Hyoseong (Wuhan) Motion Mechatronics System will be RMB550m, with RMB198m for the first phase of the production facility.

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Publication:Auto Business News (ABN)
Geographic Code:9CHIN
Date:Dec 28, 2018
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