China Automotive Systems Announces JV With Hyoseong Electric - Quick Facts

(RTTNews) - China Automotive Systems, Inc. (CAAS) announced a joint venture agreement with Hyoseong Electric to design, manufacture and sell electric motors for automotive electric power steering systems. The joint venture is 51% owned by CAAS and 49% by Hyoseong Electric. A new production facility is being planned near CAAS's headquarters in Wuhan with an expected annual capacity of 4.5 million units upon completion. The company said the total investment in the joint venture will be RMB 550 million with RMB 198 million for the first phase of the production facility.

Hyoseong Electric develops, manufactures, and sells direct current electric motors for automotive electric power steering systems, anti-lock braking systems, electric parking brakes and HVAC blowers.