Wanxiang Group to Invest in Auto Parts Base in Chongqing

Resource from: CBCC Likes:2992

Nov 26,2007

Wanxiang Group to Invest in Auto Parts Base in Chongqing Wanxiang Group, China's largest auto parts producer, signed a contract with Chongqing Airport Industrial Park on November 22, 2007, to invest CNY 600 million in building the largest auto parts R&D and production base in the Chongqing, west China. The base, which covers an area of 6.67 hectares, is expected to kick off construction before June 2008 and to go into full production before 2009. The project will bring more than CNY 1.5 billion of annual average sales revenues, CNY 60 million of taxes annually, and 2,000 jobs. The company, which provides universal joints, bearings, and CV joints to customers in over 40 countries around the world, made a more than CNY 30 billion turnover in 2006 and took up a 65% portion of the country's auto parts market. Wanxiang Group also steps into large-scale agriculture, aquaculture, real estate development, infrastructure development, etc., and provides full-line customer services to the US, Canada, Latin and South America, and Europe.

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