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Stock impact report

China Automotive Systems Forms Joint Venture to Produce Electric Motors

China Automotive Systems, Inc (CAAS)  More Company Research Source: PR Newswire
Last china automotive systems, inc earnings: 11/12 06:00 am Check Earnings Report
US:NASDAQ Investor Relations: caasauto.com
PDF WUHAN, China, Dec. 27, 2018 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced it has entered into a joint venture agreement with Hyoseong Electric Co. Ltd. ("Hyoseong Electric") to design, manufacture and sell electric motors for automotive electric power steering systems ("EPS"). The joint venture, Hyoseong (Wuhan) Motion Mechatronics System Co. Ltd. ("HMMS"), 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. Total investment in HMMS will be RMB 550 million with RMB 198 million for the first phase of the production facility.Founded in Busan, South Korea in 1973, Hyoseong Electric develops, manufactures, and sells direct current (DC) electric motors for automotive EPS, anti-lock braking systems (ABS), electric parki [Read more]
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