Hyundai Wia Shandong, a Chinese unit of Hyundai Wia, said on Feb. 25 that it has received a 840 billion-won (US$750 million) auto parts order from a Chinese carmaker.
In the deal, Hyundai Wia Shandong will provide 2.0-liter gasoline turbo engines for 300,000 large sport utility vehicles produced by Changfeng Motor for the five years from August 2020, Hyundai Wia said in a statement.
The company is a joint venture set up in November 2006 in the city of Rizhao in Shandong province.
Hyundai Wia and the city of Rizhao own a 30 percent stake each in the JV, with Hyundai and Kia holding 22 percent and 18 percent, respectively.
By Ram Garikipati and newswires (firstname.lastname@example.org)