China Wanxiang: Auto parts maker AI No.1 shareholder

Recently, China's largest auto parts manufacturer Wanxiang Group announced it has acquired a 30% stake in the US based AI company, making Wanxiang its largest shareholder.

This is the third acquisition of an American spare parts enterprise by Wanxiang Group, which currently has 19 subsidiaries. It is reported that the acquisition has cost the Group 25 million U.S. dollars.

AI, whose headquarters is located in Detroit, is a company specializing in module assembly and logistics management. It has 12 assembly plants across seven states in the United States and its production, the dynamic systems, are used in more than 3,000,000 vehicles from Chrysler, Ford and General Motors, i.e. one in every five cars are configured with AI products.

In 2007, AI company's module assembly business has reached approximately 8 billion dollars.

Earlier this year in June, Wanxiang acquired assets of DANA Company, another top 500 global enterprise in the United States.