Magna joint venture to supply high-growth Chinese market
TORONTO (Reuters) - Magna International Inc (MG.TO), one of the world's biggest auto parts suppliers, said on Monday that it has formed a joint venture to supply the growing Chinese automotive market, part of its push to nearly double its sales there within the next two years.
Canada's Magna said that under its partnership with Chongquing Guangneng Rongneng Trim Co Ltd. it will assemble front-end modules in a new manufacturing plant in Hangzhou, China.
Magna said recently that it plans to add six new manufacturing plants in China by the end of 2016 after adding a number of new facilities in the past two years.
China's auto market is the largest in the world and continues to see massive growth, Magna chief executive Don Walker recently said at the Deutsche Bank Global Auto Industry Conference, adding that he expects to nearly double sales there between 2013 and 2016.
(Reporting by Susan Taylor; Editing by Chizu Nomiyama)