SAIC Group, GKN prolong cooperation for 50 years

Shanghai Automotive Industry Corporation (Group) (SAIC Group) and GKN PLC announced on October 21, 2008 that they would keep their joint investment in Shanghai GKN Drive Shaft Co., Ltd. (SDS) to 2058.

SDS was established in May 1988 by the Shanghai-based automaker, the UK auto part and component manufacturer and other investors, becoming the first China-based Sino-foreign company to produce constant speed universal joint transmission shaft for sedans.

In 2007, the joint venture achieved sales revenue of 2.2 billion yuan, with 2.4 million constant speed transmission shaft assembly and 600,000 universal cross transmission shafts sold.

In the first nine months of 2008, the company sold more than 3.77 million constant speed transmission shafts for passenger cars, 184,000 transmission shafts for commercial cars, up 11.53% and 20.26% year on year. The number of exported transmission shafts reached 117,400. And the sales revenue in the period increased 7.49% to 1.747 billion yuan.