(Yicai Global) Aug. 20 -- China's vehicle parts maker Yuandong Drive Shaft will invest CNY3 billion (USD436.1 million) to relocate and refashion its factory within its hometown in central China's Henan province to bolster production.
Yuandong Drive Shaft will streamline its production lines with smart technologies to manufacture more transmission system parts in Xuchang's industrial park, while following a request from the local government, the car parts manufacturer said in a statement, adding that the project will be completed in three years.
The factory makeover will be executed in three phases, the first of which will bring the annual production capacity of constant velocity universal joint drive shafts to 2 million sets. The second phase will lift the capacity to 6 million sets of non-constant velocity transmission shafts. Finally, the firm will add 100,000 forgings per year of such components.
Founded in 1954, Yuandong Drive Shaft develops, manufactures and sells parts for automobiles such as trucks, tractors, sport utility vehicles, and engineering machinery.
Editor: Emmi Laine