Magna sets e-powertrain joint venture with Huayu Automotive Systems

Shanghai (Gasgoo)- On October 18, Magna signed a joint-venture agreement with Huayu Automotive Systems Co., Ltd., a subsidiary of SAIC Motor. At the initial stage, the joint venture will supply electric-drive powertrain system for a German carmaker. Magna said the establishment of the joint venture is to expand its electrified powertrain offerings in China and support Magna’s first e-drive business in China.