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)
NEW YORK - U.S. stocks finished mostly higher on Friday, with the S&P 500 closing at a record after more jobs than expected were created in February and January's figure was revised higher. | Video
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.