Huayu and Magna establish electric drive joint venture in China

Huayu and Magna establish electric drive joint venture in China

According to the announcement, the main products of Huayu Magna are the new energy vehicle electric drive system assembly products. These products mainly integrate the drive motors, transmissions, and controllers to achieve the existing traditional internal combustion engine and transmission. Alternative.

The rapid development of China's new energy vehicles has brought greater market development space to the electric drive system. It is understood that the electric drive system accounts for 20% of the total vehicle cost. According to the “Mid-term and long-term development plan for the automotive industry” jointly issued by three ministries in May 2017, the output of new energy vehicles in China reached 7 million units in 2025, according to Each vehicle is equipped with a set of electric drive calculations, and the value it brings to the company will not be underestimated.

Hua Yu Automobile pointed out that the deepening of the electric drive system business joint venture and cooperation will be beneficial to the company's grasp of the development trend of electric vehicles, further clarify the "13th Five-Year Plan" on the "electric system" section of the target task and development path; beneficial to the company Acquire market development opportunities, rapidly form localized integrated development of new energy vehicle electric drive systems and global volume supply capacity, provide quality products and services for domestic and foreign vehicle customers; help companies improve core components of new energy vehicles The layout of the industry chain enables the rapid development and coordinated development of existing drive motors and other businesses, which will accelerate the company's ability to become a core supplier of new energy vehicles with international influence.

In the field of cooperation between the two parties, as the world's leading automotive supplier, Magna has the technology and experience in the development and manufacture of powertrain electrification products, and can provide all the core components of modern electric drive systems: motors, gearboxes , inverters And control software.

Magna will bring highly integrated electric drive technology to the newly established Chinese joint venture. In the past 10 years, Magna has been providing electric vehicles and plug-in hybrids for customers in the United States and Europe with products and technologies ranging from concept development to manufacturing.

In addition, Huayu Automotive stated that the joint venture company has established a project team during the preparation period and has successfully obtained a letter of intent from SAIC-VW and FAW-Volkswagen regarding the products of the electric drive system assembly of the Volkswagen Global Electric Vehicle Platform (MEB platform). Magnata will be responsible for supporting the supply of Huayu, is expected to put into production in 2020. With the increasing trend of motorization trends in the future and the increasingly broad market, Huayue Magna will use the MEB platform as an starting point for electric drive system assembly related products to continuously accelerate market development and strive for more complete vehicle customer support. Supply opportunities. At the same time, after public review, the company’s holding subsidiary, Huayu Automotive Electric Systems Co., Ltd., will supply the MEB platform electric drive system assembly related products produced by Magna, China, and provide all the supporting components for the drive motor components.

“ New energy vehicles will continue to maintain rapid development in China. In the face of this market development trend, SAIC has clearly proposed the 'new four modernization' strategic development direction of 'electrical, networked, intelligent, and shared'”. Mr. Chen Zhixin, president of SAIC Motor Corporation and vice president of Hua Yu Automobile, said, “This time, Huayu Automobile and Magna Group join forces to open a joint venture and cooperation of new energy electric drive systems, which is not only the core technical component of Huayu Automotive in new energy. An important layout of the field, but also an important measure to deepen SAIC's 'new four modernization' strategy."

Mr. Don Walker, CEO of Magna International stated: “China has become the world’s fastest-growing automotive market. At the same time, China’s strategy for developing hybrid and electric vehicles and working hard to become a leader in the new energy automotive market is very clear. Working together with HUAYU Automotive to leverage on the advantages of both parties will help Magna and our joint venture grow and succeed in the future.”

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