- 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.
China Automotive Systems +6% on forming joint venture to produce electric motors
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Symbol | Last Price | % Chg |
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CAAS | - | - |
China Automotive Systems, Inc. |