From the Chosun Ilbo:
Korean auto parts maker Mando said Tuesday it has signed a deal with China’s Geely Auto to set up a parts manufacturer in China.
Mando will hold a 65 percent stake and Geely 35 percent in the joint venture with capital of US$85 million.
Construction of plants will begin in March in the Zhejiang Province cities of Ningbo and Taizhou with an aim to be finished by October.
For those that fail to understand the gravity of this joint venture, here’s a brief run down: Mando is one of the largest original equipment manufacturers in South Korea, it is also one of the best in the business and is a regular supplier of steering parts, brakes and suspension parts – think of it as a “Korean Bosch“. By working with Mando Geely is certainly taking another huge step in the right direction, five years from now Geely’s own branded cars will be world class.