Shanghai, March 5 (Gasgoo.com) Earlier this week, eastern China's Jiangxi province broke ground for an auto-parts joint venture in Hengfeng county, sina.com said today. The company will manufacture the brake shoes, brake assembly and other auto parts for luxury sedans of BMW, Volvo and Mercedes-Benz.
The joint venture, named Ruifeng Auto-parts Co., Ltd., is located in the industrial park of Hengfeng county of Jiangxi province. When its construction is completed, the $50-million project will focus on making brake pads and various components for high-end sedans.
The auto-parts company will use world-class new materials -- non-asbestos fiber, iron fiber to mix with copper steel to make high-performance brake shoes, brake assembly and other auto parts, which will be mainly supplied to global auto brands such as BMW, Volvo and Mercedes-Benz for their luxury sedans.
The auto-parts to be made in Ruifeng will be independently developed by the company as high-tech products. They will be exported to Japan, Germany, the U.S., Italy, Switzerland and other markets.
The first phase of the project is expected to generate 32 million yuan ($4.9 million) in annual sales revenue. After the whole project comes into operation, it will create more than 600 jobs and annual output value of 70 million yuan.
