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Magna Forms E-Powertrain Joint Venture in China
Magna Forms E-Powertrain Joint Venture in China Canada NewsWire SHANGHAI, China,...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nMagna Forms E-Powertrain Joint Venture in China\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSHANGHAI, China, Oct. 18, 2017\n\n\n\n\nDeal signed with Huayu Automotive Systems Co., Ltd.\nJV to support Magna's first e-drive business in China\nBuilds on Magna's electrified powertrain experience\n\n\n\nSHANGHAI, China, Oct. 18, 2017 /CNW/ - To expand its global electrified powertrain offerings and strengthen its local footprint in China, Magna has entered into a joint-venture agreement with Huayu Automotive Systems Co., Ltd. (HASCO,600741.SH), a subsidiary of SAIC Motor. The JV will initially produce an electric-drive powertrain system for a German automaker. A signing ceremony was held today with executives from both JV partners. \n\n\n \n \n\n \nMagna designs and manufactures a portfolio of versatile and innovative products that bring power to the wheels of passenger cars and light trucks. \n\nFor the initial customer order, the JV will leverage Magna's innovative, highly integrated e-drive system with a focus on the production of the system mainly for the Chinese market. Both partners will give the JV full support to develop localized core competencies in terms of market development, R&D, advanced manufacturing and key parts supply such as gearboxes, inverter components and e-motors, which are key to delivering advanced powertrain technologies and a stronger product portfolio to customers. \n\n\"The new-energy vehicle (NEV) market will continue to grow at a rapid speed in China. With this trend, SAIC Motor is developing the New Four Modernization strategy focusing on car electrification, connectivity, intelligence, and sharing economy,\" Mr. Chen Zhixin, President of SAIC Motor and Vice Chairman of HASCO, said. \"The establishment of the JV, a strong combination of HASCO and Magna's strength to initiate cooperation in NEV electrified powertrain systems, has been a milestone for HASCO to develop its core competencies in the field of key new-energy-related components, as well as a critical measure to strengthen the New Four Modernization st...