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Geely to build diesel engine JVs in Shandong and Zhejiang provinces
Shanghai. February 27 (Gasgoo.com) – China’s private-owned automaker Geely Group has reached an agreement with two other Chinese companies to build two diesel engine joint venture companies in China.
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), together with Zhejiang Yinlun Machinery Co and Geely will build a joint venture engine maker in Tiantai of Zhejiang Province and another one in Jining of Shandong Province.
The three-way joint venture companies will be primarily engaged in the development, production and sales of diesel engines and engine parts for passenger vehicles. It will have an initial annual output of 100,000 units before it could expand to 300,000 units.
Yuchai will be the controlling shareholder with a 52 percent stake in both JV companies while Geely and Yinlun will each hold 30 percent and 18 percent stakes.
Yuchai engages in the manufacture, assembly, and sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines for trucks, buses, and cars in China. In 2007, Yuchai sold approximately 383,000 diesel engines and was consistently ranked No. 1 in unit sales by China Association of Automobile Manufacturers.
Zhejiang Yinlun Machinery Co's main products include inter cooler, oil-cooler and radiator, with annual production capacity of 5 million units, the company said on its official website.
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