Visteon Corporation has announced its intention to invest in Wuhu Bonaire Auto Electrical Systems Co., Ltd. (Bonaire), a subsidiary of Chery Technology and a major supplier of climate products to Chinese vehicle manufacturer Chery Automobile Co., Ltd.
Visteon says the investment, through one of Visteon’s international affiliates, will enhance the company’s climate product capabilities and market presence in China while strengthening its business relationship with Chery.
“We are pleased with this expanded partnership with Chery, one of China’s largest and fastest-growing automakers,” said Joy Greenway, Visteon product group president. “We are committed to enhancing Bonaire’s ability to deliver world-class products tailored for this important and growing market.”
Founded in 2003, Bonaire is an automotive climate supplier that develops and manufactures heating, ventilation and air conditioning (HVAC) systems and engine cooling systems. Under the new ownership structure, Bonaire will become an automotive climate centre of excellence and manufacturing hub for Visteon, serving the rapidly growing Chinese automotive market. Located close to Chery in Wuhu, Bonaire has more than 700 employees including nearly 200 engineers.
“We are pleased to form a strategic alliance with Visteon, which is a strong player in the global automotive market and well known for its climate technology,” said Zhang Ping, president of Chery Technology. “We are confident this new structure will enhance our brand and product quality to provide better products and services to our customers.”
Visteon has 17 climate manufacturing sites in Asia, including eight wholly owned or joint venture facilities in China.