Hangzhou Iveco to manufacture Fiat gearboxes
By Li Fangfang | China Daily | Updated: 2011-06-08 07:27
BEIJING - Fiat SpA, Europe's sixth-largest automaker by market share, will locally produce its gearboxes in China, as part of its plan to gain a foothold in the world's biggest automobile market.
The gearboxes will be produced in partnership with the Italian carmaker's Chinese partners - Guangzhou Automobile Group Co Ltd and Hangzhou Advance Gearbox Group Co Ltd, according to listed Hangzhou Advance's statement filed to the Shanghai Stock Exchange on Tuesday.
The deal involves a joint investment of 2.27 billion yuan ($350 million).
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