VC Visteon Corporation

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/

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