Sources reported that on 15 November 1995 an agreement was signed between the Shanghai Pudong Automotive Lighting Factory and a German company to set up a joint venture to produce automotive lights. A…
Sources reported that on 15 November 1995 an agreement was signed between the Shanghai Pudong Automotive Lighting Factory and a German company to set up a joint venture to produce automotive lights. An investment of DM 16 million and registered capital of DM 10 million were used for the initial operation of the Shanghai Hella Automotive Lighting Co. Ltd., with 55% coming from the German side and 45% from the Chinese partner. In the next three years, the joint venture will develop annual production capacity of 150,000 vehicle lights, mainly for the Shanghai Volkswagen Automobile Corporation. Full annual production capacity is expected to hit 500,000 in several years. With a 70-year history, Shanghai Automotive Lights Factory, is one of the four largest manufacturers of its kind in China. Germany“s Hella, a world leader in automotive lighting, with a 108-year history, provides products for a number of world-renowned auto makers. The Pudong New Area of Shanghai, a hot spot for foreign investment, approved 653 overseas-funded projects in the first nine months of 1995, involving US$ 2.55 billion in foreign investment.