TURIN, Italy -- Magneti Marelli of Italy and SAIC Motor Corporation, through its subsidiary Shanghai Automobile Gear Works (SAGW), have signed a joint venture in China to produce hydraulic components for automated manual transmissions.
The venture will be located in the Shanghai region and is set to be operational starting in the second half of 2009.
Magneti Marelli, which is owned by Italy's Fiat Group, supplies its automated manual transmissions to 27 automakers.
Recently the company changed the name of the transmissions from Selespeed to Freechoice.
The transmissions are based on technology developed by Marelli for Formula One racing cars. They can be adapted for use on high-performance sports cars and small and medium-sized cars.
Magneti Marelli CEO Eugenio Razelli said the new venture further enhanced the company's already significant presence in China, which dates back to 1996, and covers the powertrain, lighting, electronics systems and exhaust systems sectors.
Magneti Marelli employs 28,000. In 2008, its revenues were 5.4 billion euros.