China Automotive Systems said its board of directors had approved the formation of a joint venture in Brazil to target the largest automotive market in South America.
China Automotive Systems said its board of directors had approved the formation of a joint venture in Brazil to target the largest automotive market in South America.
The new joint venture, which will be 80% owned by CAAS’s wholly owned subsidiary, Hengsheng, will be based in Sao Paulo and established with two unnamed local Brazilian automotive partners, with ownership of 15% and 5%, respectively.
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