BorgWarner OKs venture with China automakers
Auto parts supplier BorgWarner Inc. said Wednesday it signed a contract with a consortium of a dozen Chinese automakers to produce transmission modules in China beginning in 2011.
BorgWarner said it will hold a 66 percent stake in the joint venture, which will be based in Dalian, China, and be called BorgWarner United Transmission Systems Co.
The joint venture is with China Automobile Development United Investment Co., a company owned by 12 Chinese automakers: FAW, SAIC, Dongfeng, Chery, Changan, Brilliance, Guangzhou, Changfeng, JAC, Geely, Polarsun and Great Wall Motor.
The joint venture will build dual clutch transmission modules for Chinese automakers, which BorgWarner said provide improved fuel economy and lower emissions.
"BorgWarner is honored to join CDUI and its 12 Chinese OEM partners in bringing the benefits of (dual clutch transmission) technology to the growing automatic transmission market in China," said Tim Manganello, BorgWarner chairman and chief executive, in a statement.
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