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04-02-2008 Chinese
automotive parts supplier Zhejiang Wanda Group will cooperate with NSK Ltd, which
one of Japaneses industry bearings maker. Both sides to start producing electric
power steering for Chinese automakers in 2009.
The move will enable Tokyo-based
NSK to tap China's huge potential market for electric power steering. Technologically
ill-equipped, no domestic Chinese supplier currently can produce the steering
in large volumes.
Wanda and NSK have signed agreement to set up a joint
venture in Xiaoshan city of eastern China's Zhejiang province and the new venture
will make electric power steering units only.
A source familiar with
the situation says the new venture will start building its plant in March this
year and begin mass production in August 2009. The source says the new company
will initially have an annual production capacity of 300,000 units and will expand
the capacity after 2010.
Its products will be much cheaper than those
imported, and the joint venture will mainly target domestic Chinese automakers
for sales," the source says.
Editor:Ida.Zhang
from Chinabuses.com
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