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Beijing Auto, Lear to form 50-50 electronics JV in Beijing
Shanghai. December 25 (Gasgoo.com) - Beijing Automotive Industry Holding Corp (BAIC) or Beiqi or short, has signed up a JV contract with Lear Corp in Beijing. Beijing Auto said the joint venture will be used as a production and research facility for auto parts like wiring harness, connector, TPMS and door lock.
The 50-50 joint venture will be built with a total investment of $10 million. "This joint venture will supply electronic products and help Beijing Auto reduce production costs," said Xu Heyi, chairman of BAIC at the signing ceremony.
Lear CEO Robert Rossiter made it clear that Lear aimed at generating sales revenue of $500 million dollars in China's electronic market in the coming three years, of which $100 million will be made by the joint venture with Beiqi (Beijing Auto).
Robert Rossiter added that the joint company would also provide auto parts to other OEMs in China and may eventually export to North American and European countries.
BAIC said the deal is still pending government approvals and may start operation by early 2008 if Okayed by government.
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