News from Frankfurt, Germany (Main River). ZF (ZF) has been with the China Beijing Automotive Group (Beijing Automotive Industry Corporation, the English referred BAIC) subsidiary: Beijing Hainachuan Company (BHAP) signed a memorandum of understanding to form a joint venture agreement for the production of electric Chinese market Automotive parts.
ZF and BAIC Group sign MoU
The two parties are preparing to set up a joint venture to produce electric vehicle components for Beiqi Group. Michael Hankel, ZF's production director, believes that the Chinese market plays a key role in the popularization of electric vehicles.
The Asia-Pacific region is one of ZF’s most important markets and its sales account for 22% of the Group’s total sales. In 2016, ZF’s sales in Asia Pacific reached 7.6 billion euros. China is the largest market in the Asia Pacific region, with sales of 6 billion euros in 2016 and 13,700 employees. ZF has more than 17,000 employees in the Asia Pacific region.
According to Michael Hankel, head of production at ZF, “China is the world’s largest and most dynamic electric vehicle market, and the Chinese market plays a key role in the rapid spread of this emerging drive technology. We are very pleased to have been working with Beiqi Group for three years in a row. The content is continuously deepening and we will use ZF's comprehensive electronic transmission component portfolio in the future."
Michael Hankel, member of the ZF Board of Directors, Jörg Grotendorst, head of the ZF electric technology division, and the board of directors of the Beijing Automotive Group, Han Yonggui, chairman of Beijing Hainachuan, and Beijing Hai Chen Chu, general manager of Nachuan, signed a memorandum of understanding at the Frankfurt Motor Show. Han Yonggui emphasized: “For many years ZF has been working closely with us and has accumulated rich experience in the Chinese market. ZF has a wealth of technical expertise, including traditional drive technology and electric technology. This is similar to ZF. Reliable partners have joined forces to convince us that in the future we will play a more important role in the electric vehicle market."
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