Visteon Partners with ChangAn - Leading China Automaker - for New Joint Venture in Chongqing
09 August 2005 - 11:00PM
PR Newswire (US)
BEIJING, Aug. 9 /PRNewswire-FirstCall/ -- Visteon Corporation
(NYSE:VC), a leading automotive supplier, has taken another
significant step toward growing its investment in the Asia Pacific
region by partnering with China's third-largest automaker, ChangAn.
The new joint venture, Chongqing ChangAn Visteon Engine Control
Systems, increases Visteon's presence in automotive electronic
control units and other components in China. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) The
engineering capability of this joint venture includes complete
engine management system development -- system design, calibration
and validation -- as well as the manufacturing of electronic
control units, air-induction systems, intake manifolds and various
powertrain components. "This joint venture marks a new milestone
for Visteon's participation in the Chinese automotive industry,"
said Robert Pallash, vice president of Visteon's Asia Pacific
operations. "ChangAn is the leading light commercial vehicle
manufacturer in China. We have every confidence that it will
continue to be a market leader under the vision and direction of
China South Group -- ChangAn's parent company. Visteon looks
forward to bringing this partnership globally advanced technology
and management expertise." With strong manufacturing and
engineering capability in engine-management systems, air-induction
systems and intake manifolds, the new joint venture will support
the growth of ChangAn Ford and ChangAn, particularly in the minivan
and low-end passenger car segments. It is also well positioned to
serve other automotive and motorcycle manufacturers in China.
Chongqing is the largest of three hubs of motorcycle manufacturing
in China, constituting about 35 percent of China's 17 million-unit
motorcycle market. The joint venture opens the door to new business
opportunities, according to Pallash. "We are very excited about
this strategic alliance," said Dr. Liuping Xu, president assistant
of China South Group. "Visteon's technology and capability in the
electronics and powertrain field is notable. Visteon's footprint in
China in the last decade and their commitment to the Chinese
automotive industry makes them an ideal partner. We are looking
forward to a mutually beneficial relationship." The partnership
between Visteon and ChangAn follows Visteon's recent announcement
of three strategic ventures: the acquisitions of Jiangsu Toppower
Automotive Electronics Co., Ltd., and automotive instrument
supplier Yanfeng Visteon Betung Automotive Instrumentation Co.,
Ltd.; and a joint venture with automotive lighting supplier Visteon
TYC Auto Lamps Co., Ltd. These new partnerships strengthen
Visteon's presence in electronics and lighting and further enhance
the company's ability to serve automakers in China and the greater
Asia Pacific region. Visteon has been growing its presence in Asia
Pacific; today, Visteon operates more than 30 manufacturing
facilities throughout China, Japan, Korea, Thailand, the
Philippines and India, serving global and regional automakers.
Visteon is a leader in delivering climate, interior and electronics
components and systems to customers in what has become the
fastest-growing automotive market in the world. Visteon Corporation
is a leading, full-service supplier that delivers consumer-driven
technology solutions to automotive manufacturers worldwide and
through multiple channels within the global automotive aftermarket.
Visteon has approximately 70,000 employees and a global delivery
system of more than 200 technical, manufacturing, sales and service
facilities located in 24 countries.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE:
Visteon Corporation CONTACT: Alison Wright, +86 (21) 5208-1100, ,
or Melissa Andrade, +1-734-710-5546, , both of Visteon Corporation
Web site: http://www.visteon.com/
Copyright
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jul 2023 to Jul 2024