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Biz News Korea(Eng)
Ssangyong Motor to set up JV and plant in Xi’an, China
- Collected
- 2016.10.12
- Distributed
- 2016.10.13
- Source
- Go Direct
이미지 확대It signed a letter of intent (LoI) on Tuesday with Shaanxi Automobile Group Co. to create a joint venture (JV) and set up factory in Xi’an, China, to turn out local budget vehicles that would save tariffs and other costs.
Details of the investment cost and construction have not been revealed.
Ssangyong chief executive officer (CEO) Choi Johng-sik and Shaanxi Automobile Group President Yuan Hongming signed the letter in a ceremony also attended by Xi’an Mayor Shangguan Jiqing and other officials.
The two firms will discuss terms to build a manufacturing plant for complete built-up (CBU) vehicles and engines in Xi’an Economic and Technological Development Zone.
The ancient city of Xi’an has been invested heavily by the Chinese government as a campaign to promote it as the hub for southern mainland economy.
Ssangyong Motor has chosen the area as home to its first overseas plant for its “remarkable geographical advantages, industrial infrastructure, human resources and high level of education,” according to a company official.
By Park Chang-young
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]