SHANGHAI -- German automotive parts supplier Preh GmbH plans to set up a manufacturing joint venture in the east China city of Ningbo with local partsmaker Joyson Automotive Electronic Holding Co.
The new venture will develop, produce and market Preh products in Asia, including China, according to a letter of intent signed by the two sides.
"Both companies expect quick regulatory approvals and plan to begin operations later this year," the German supplier said in a statement.
Additional details about the joint venture -- including the amount of money to be invested -- were not available.
Preh makes vehicle interior control systems, sensor systems, electronic control units and assembly systems, and operates plants in Germany, Portugal, France, Mexico, Romania and the United States. It also operates a sales office in Shanghai.
Privately held Joyson produces engine components, air registers and filter intake pipes for automakers including China FAW Group Corp., Shanghai Volkswagen Automotive Co. and Shanghai General Motors Co.