Wanxiang to Invest $100m in the U.S.
During Vice-President Xi Jinping's visit to the US last week, Wanxiang America, the US subsidiary of the Chinese conglomerate Wanxiang Group Corp,signed a $100 million-investment agreement with Smith Electric Vehicles Corp, a producer of all-electric commercial vehicles. The bulk of that - $75 million - is to go into a joint venture between Smith and Wanxiang to develop, manufacture and sell all-electric school buses and commercial vehicles in China, a large step in the company's plan to move into the new-energy business.
"The auto-parts business for Wangxiang's US operation has been big," Ni Pin, president of Wanxiang America, said. "One in every three US cars have our products in them. But since last year, we have been putting more emphasis on the new-energy industry." Since last year, the company has invested heavily in solar panels, electric trucks and school buses, as well as light -emitting diodes, or LEDs. It is one of the first Chinese companies to produce solar panels in the US.
