Antonov, the UK-based vehicle transmission specialist, has strengthened its relationships with the Chongqing and Sichuan governments to create what is said was a firmer and broader platform for the possible formation of a joint venture in China to produce its proprietary TX-6 automatic transmission, which has the major innovation of eliminating the traditional torque converter for a more efficient planetary gearbox.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A letter of intent has been signed with Sichuan Jianghan Industrial Group for their potential participation in the joint venture, including the confirmation of Jianghan’s intention to invest EUR15m alongside Antonov’s EUR15m commitment.
Both Antonov and Jianghan also agree to actively explore the involvement of additional partners who would provide market access, mass production and transmission technology.
Antonov chairman Jos Haag said: “I am happy to have been able to see some proof of life in China as far as the TX-6 is concerned. We will continue discussions in China in the short term and will update the market after that.”
Antonov’s current trading activities in China, under the management of Yun Kang, are based at its office in Chong Qing, where the company already has a prototype vehicle (1.6-litre VW Golf) to demonstrate its six-speed transmission technology to potential partners and prospective automotive clients. Six-speed automatic transmissions are much desired by Chinese motorists, but currently have to be imported by the domestic carmakers.
Geely Automobile last week said it would acquire bankrupt Australian automatic gearbox manufacturer Drivetrain Systems.
Geely said the deal would help expand its product line and improve its capability to develop and produce gearboxes – a key technology that Chinese automakers need to be globally competitive.
