JV plant to make vehicle brake systems
Print Edition
German automotive supplier Continental yesterday said it will invest 600 million yuan (US$96.7 million) in a joint venture to set up a new Chongqing plant that specializes in brake systems for vehicles.
The venture with Chinese company Huayu Automotive Systems Co is set to start operation in the autumn of 2016 and hire 600 employees in its first phase.
鈥淚t is expected that by 2020 China will produce more than 30 million light vehicles,鈥 said Ralf Cramer, president and CEO of Continental China.
He predicted west China, represented by Sichuan-Chongqing region, to be a fast growing automotive market.
Cramer said the construction of the Chongqing plant is part of the company鈥檚 localization process by tapping the auto industry in China鈥檚 southwest region.
Continental, one of the world鈥檚 largest tire producers, also said it will invest 250 million euros (US$281 million) up to 2019 to raise the production at its tire making factory in Hefei, Anhui Province.
Continental also seeks to increase its annual tire production to 14 million by 2019, from the 5 million tires the company now manufactures in China every year.
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