April 20, 2024

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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 (ram@heraldcorp.com)