Zhangjiagang a county-level city in East China's Jiangsu province inked a deal with CENTRAL (CTR), an automobile spare parts manufacturing in South Korea on March 15 aiming to cooperate on a new energy automobile project.

Founded in 1960, the CTR Company has 12 subsidiaries, engaged in auto parts production covering new energy vehicle lightweight products, chassis suspension and gearbox. The group takes a leading position in the field of suspension ball joint and occupies 20 percent of the world market share.

In 2011, Korean CTR invested in Zhangjiagang Zhongxin Auto Parts Co, with a total investment of $45 million and a registered capital of $20 million, covering an area of 31,333.3 square meters and producing key components of suspension system.

To expend Chinese market, the Korean CTR Group decided to invest $60 million to a new energy vehicle chassis and steering system components project, with output of 55 million units per year.

The project is scheduled to start construction in September this year and be put into operation in September, 2020, with an additional sales volume of 600 million yuan ($89.5 million).

The signing ceremony for the new energy automobile components project is held on March 15 to deepen the partnership of Zhangjiagang and South Korea. [Photo/zjgonline.com]