"The new-energy vehicle (NEV) market will continue to grow at a rapid speed in China. With this trend, SAIC Motor is developing the New Four Modernization strategy focusing on car electrification, connectivity, intelligence, and sharing economy," Chen Zhixin, President of SAIC Motor and Vice Chairman of HASCO, said. "The establishment of the JV, a strong combination of HASCO and Magna's strength to initiate cooperation in NEV electrified powertrain systems, has been a milestone for HASCO to develop its core competencies in the field of key new-energy-related components, as well as a critical measure to strengthen the New Four Modernization strategy for SAIC."

"China is the number-one growth market in the world, and they have been clear about their intended leadership in bringing hybrid and electric vehicles to market," said Don Walker, Magna CEO. "Combining strengths with HASCO helps position Magna and the joint venture for future growth and success."

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