Magneti Marelli and SAIC’s Cooperation

Italy's Magneti Marelli and SAIC Motor Corp signed a joint venture agreement in China recently to produce hydraulic spare parts for automatic and manual transmissions. The venture will start production in the second half of 2009 and it will locate in the Shanghai, eastern part of China.

Magneti Marelli is a supplier of automotive transmission, which owned by Italy's Fiat Group. Magneti Marelli has 28,000 employees worldwide. In 2008, its revenues were 5.4 billion euros (48.83 billion Yuan).

As one of the top 3 automotive corporations in China, Shanghai Automotive Industry Corporation (Group) (“SAIC” for short) is mainly engaged in manufacturing, sales, research and development, and investment in passenger cars, commercial vehicles and components, as well as related services trade and financial business.

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