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China Automotive Systems +6% on forming joint venture to produce electric motors

  • China Automotive Systems (NASDAQ:CAAS +6.5%) has entered into a joint venture agreement with Hyoseong Electric Co. Ltd., to design, manufacture and sell electric motors for automotive electric power steering systems.
  • The joint venture, Hyoseong Motion Mechatronics System Co. Ltd. (HMMS), is 51% owned by CAAS and 49% by Hyoseong Electric.
  • Total investment in HMMS will be RMB 550M with RMB 198M for the first phase of the production facility.

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