Magna Exterior and Chongqing Guangneng Rongneng Form Joint Venture Company

Parts supplier Magna International Inc. on April 10 announced that its Magna Exteriors business (Magna Exteriors) and Chongqing Rong light energy auto parts company formed a joint venture company, focused on supplying the Chinese market Car front module.

Magna Exterior and Chongqing Guangneng Rongneng Form Joint Venture Company

The new joint venture company is called Magna Light Automotive Trim Systems (Hangzhou) Co., Ltd. Magna's exterior and Chongqing Guangneng Rongneng auto parts each hold 50% of the company's shares. The new company has a new factory in Hangzhou and will assemble and supply front-end modules for the Chinese market in the future.

“The Magna exterior recognises the important position of Chongqing Guangneng Rongneng in China's supply base. By combining with our expertise, we will support our customers with a successful teamwork approach” outside Magna. Joe Pittel, Global President of Decorations, Interiors and Seats, said: “With the new strategic partnership with Chongqing Solar Energy, we will continue to expand our business in the Chinese market.”

The Magna exterior is an operating sub-unit of Magna International. Its business includes the design and production of bumper systems, exteriors, modular systems, Class A body panels, structural parts, and interior body parts.

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