- The ground breaking ceremony of Hubei Henglong KYB Automobile Electric Steering System Co., Ltd., a joint venture between China Automotive Systems (NASDAQ:CAAS) and Japan KYB Co., Ltd., was held on September 17.
- Hubei KYB was formed to design, produce and service automotive electric power steering system products.
- Mr. Qizhou Wu, chief executive officer of CAAS, commented, "Hubei KYB will transform CAAS into a more powerful market leader in the Chinese EPS market, and enable us to rapidly penetrate the global markets. Our manufacturing capacity, engineering capabilities and large customer base will be crucial to the success of Hubei KYB in China and abroad. Hubei KYB will also immediately gain access to KYB's Japanese customers in China, with the potential to export to international markets as well."