On December 1, 2011, SAIC Iveco Hongyan Commercial Vehicle Co., Ltd. and Jingzhou Hengsheng Automotive Systems Co., Ltd. held a signing ceremony of the steering gear cooperation project, and signed a memorandum of intent for the establishment of Chongqing Henglong Hongyan Automobile Steering System Co., Ltd. At the ceremony, Xiong Weiming, General Manager of SAIC Iveco Hongyan Commercial Vehicle Co., Ltd. introduced that the newly established Chongqing Henglong Hongyan Automobile Steering System Co., Ltd. has a total investment of 120 million yuan and a registered capital of 60 million. It plans to establish an annual output in Chongqing Shuangqiao Economic Development Zone. 200,000 steering gear production bases. After the establishment of the joint venture company, it will further enrich the spectrum of products, improve product quality, enhance product development capabilities, and further develop the national market based on the support of Hongyan Automobile, and strive to become the largest steering gear manufacturer in Southwest China. From the perspective of channels, the network advantages accumulated by Jingzhou Hengsheng and SIH over the years have provided a good channel guarantee for the new joint venture company; in terms of technology, Jingzhou Hengsheng is the largest exporter of steering gear in Hubei Henglong, with an annual output of 130,000 units, 2009 The company began to supply Chrysler in the US with reliable quality, strong technical equipment, and the original technical strength of Shuangqiao Diverter, forming a competitive advantage for the company. Xiong Weiming said that through the integration of resources, the new company is fully capable of establishing an optimized production and marketing network, expanding market share, forming a strong brand influence in the market, and jointly achieving a win-win situation. Chairman of the board of directors of Hubei Henglong Enterprise Group Chen Hanlin said at the signing ceremony that it is very optimistic about the future of the new joint venture company. The new joint venture company will become an important manufacturing base of the Hang Lung Group in the southwest region. In addition to fully serving the SIH market, the new joint venture company will radiate the entire southwest. In the regional market, it strives to achieve the goal of producing 200,000 units of steering gear annually in three years. Squat Rack,Folding Squat Rack,Squat Rack And Bench,Foldable Squat Rack Ningbo Iclean International Trading Co., Ltd , https://www.icleansports.com