To expand its global electrified powertrain offerings and strengthen its local footprint in China, Magna has entered into a joint-venture agreement with Huayu Automotive Systems Co., Ltd., a subsidiary of SAIC Motor. The JV will initially produce an electric-drive powertrain system for a German automaker. A signing ceremony was held today with executives from both JV partners.
Magna designs and manufactures a portfolio of versatile and innovative products that bring power to the wheels of passenger cars and light trucks.
For the initial customer order, the JV will leverage Magna's innovative, highly integrated e-drive system with a focus on the production of the system mainly for the Chinese market. Both partners will give the JV full support to develop localized core competencies in terms of market development, R&D, advanced manufacturing and key parts supply such as gearboxes, inverter components and e-motors, which are key to delivering advanced powertrain technologies and a stronger product portfolio to customers.
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