Italian parts maker for EV motors, EuroGroup, has signed a memorandum of understanding for a strategic alliance in China in the electric vehicle sector, Reuters reported.
The joint venture agreement was made with Hixih Rubber Industry Group, an automotive components maker.
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The firm said the aim of the deal was “to develop an industrial partnership based on a joint venture under the control of EGLA, to further stimulate growth in the Chinese market, in order to increase the commercial penetration in the market, in particular with Chinese manufacturers of electric cars”.
A new R&D centre would be built in the Hixih Group’s industrial base of Shandong in East China, according to Reuters.
There would also be a new high tech industrial plant dedicated to the production of motor cores for manufacturers of NEVs.
Earlier this week, Italian Prime Minister Giorgia Meloni visited China and spoke of the need to boost cooperation with the world’s second largest economy.
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By GlobalDataEuroGroup Laminations has two factories in China, one for its EV and automotive business unit, and the other dedicated to industrial business.
