Zhejiang Asia-Pacific Machine & Electric Co., Ltd. - FY2006
Business Highlights
Supply
Agreements
The Company's proprietary ABS systems will be featured in vehicles made by Chinese automakers including Jiangling Motors Corp, Zhengzhou Nissan Automobile, and Lifan Automobile, starting in the second half of 2006. The Company spent five years and over 50 million yuan to complete the ABS systems since it launched the joint development project with Qinghua University in 1999. The low-cost China-made ABS system was first used by Beijing Jeep in the second half of 2004, triggering the price cutting of imported ABS systems.
New joint-venture company
- In December 2006, the Company and Beijing Automotive Industry Holding Co., Ltd. signed a joint venture agreement to establish Beijing APG Automobile Chassis Systems Co., Ltd. This new joint-venture company will be capitalized at 20 million yuan, with each company investing 50 percent of the capital. A new facility will be built in Beijing to manufacture automotive brake systems and chassis modules. Leveraging both resources and the sales network of Beijing Auto Brake Pump Factory, which is a company of Beijing Automotive Industry Holding, the joint venture company will initially produce brake pump products, aiming to start commercial production of brake systems and chassis modules over the next three years.
The Company's proprietary ABS systems will be featured in vehicles made by Chinese automakers including Jiangling Motors Corp, Zhengzhou Nissan Automobile, and Lifan Automobile, starting in the second half of 2006. The Company spent five years and over 50 million yuan to complete the ABS systems since it launched the joint development project with Qinghua University in 1999. The low-cost China-made ABS system was first used by Beijing Jeep in the second half of 2004, triggering the price cutting of imported ABS systems.
New joint-venture company
- In December 2006, the Company and Beijing Automotive Industry Holding Co., Ltd. signed a joint venture agreement to establish Beijing APG Automobile Chassis Systems Co., Ltd. This new joint-venture company will be capitalized at 20 million yuan, with each company investing 50 percent of the capital. A new facility will be built in Beijing to manufacture automotive brake systems and chassis modules. Leveraging both resources and the sales network of Beijing Auto Brake Pump Factory, which is a company of Beijing Automotive Industry Holding, the joint venture company will initially produce brake pump products, aiming to start commercial production of brake systems and chassis modules over the next three years.
R&D
-achieved mass production
of ABSs with an investment of 70 million yuan in 2006