“We are indeed negotiating with Chongqing Chongqing Jiangjiang Gear Co., Ltd., but there is no further news to disclose.†Halter, the global CEO of ZF Group, said in an interview.
ZF is planning to invest in a transmission company with an output value of 5 billion yuan jointly with Qijiang Gear Transmission Co., Ltd. (hereinafter referred to as “Changing Gearâ€) under the Chongqing Electromechanical Group. It is highly probable that both parties will have initialed the agreement by July. The joint venture company will provide transmission products for domestic commercial vehicles.
As one of the world's largest auto parts manufacturers, ZF is struggling with the financial crisis. On June 9th, ZF announced that it would cooperate with Chrysler and invest USD 300 million in North America to build an 8-speed automatic transmission plant. As the world's two largest regional markets, China and the United States have clearly become the focus of ZF's future investment.
"In 2010, our investment plan in China will reach 50 million euros, 47% more than last year." Halter said that this investment will include a cooperation project with dental caries. The annual design production capacity of the project is 300,000 units.
In 2009, ZF achieved sales revenue of 9.37 billion euros, a year-on-year drop of 25%. In order to reverse the situation, Halter had to drastically reduce the Group's expenses by a drop of 45%. As a member of Zalz who joined ZF in 1973, he stated that 2009 was clearly the most difficult one in his career. year.
In the sales revenue of 9.37 billion euros, the income from the Chinese region is 970 million euros, which accounts for about 10%, making China the second largest market for ZF outside of Germany. Halter said that in the future, sales revenue in the Chinese market will rise to 15%.
On June 8, ZF’s regional headquarters in Asia Pacific was relocated to Songjiang, Shanghai. The expectations for China’s future market are clearly an important reason for ZF’s decision.
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