South Korean automotive components manufacturer HL Mando has launched a new venture with China’s Tianrun Industrial Technology to make commercial vehicle components.
According to local reports, the two companies have established a new joint venture in China, Tianrun Mando, producing electric power steering for commercial vehicles.
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Tianrun was understood to have invested CNY60m (US$8.3m) for a 60% stake in the new company while HL Mando’s investment was valued at CNY40m for 40% and includes the provision of product and manufacturing technology.
The joint venture was scheduled to complete construction of a new plant in Shandong province by 2026 to produce ball nut type electric power steering (BN-EPS) systems for truck and bus manufacturers before expanding into exports.
BN-EPS are seen as next generation electric steering systems, as they consume energy only on demand which helps reduce emissions and fuel consumption.
HL Mando, part of South Korea’s HL Group (formerly Halla Group), produces a wide range of automotive chassis systems including braking, steering and suspension systems, as well as systems for electric vehicles, autonomous driving systems, electronics and software.
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By GlobalDataTianrun produces mainly internal combustion engine parts, including crankshafts, connecting rods and other forged and cast parts for commercial vehicles under the Tian brand.
