Gestamp, the multinational company specialized in the design, development and manufacture of highly engineered metal components for the automotive industry, signed an strategic Memorandum of Understanding (MoU) today with Beijing Hainachuan Automotive Parts Co. Ltd. (BHAP).
The agreement with BHAP aims to increase cooperation in areas such as the electric vehicle as well as to reinforce the strategic relationship between both companies. BHAP is a subsidiary of the BAIC Group, one of the biggest car manufacturers in China.
This MoU will strengthen Gestamp’s position in China by increasing its scale to better serve both local and international OEMs based in China. This alliance will enhance Gestamp’s capabilities in China, a strategic market for the Company as it is the world’s largest vehicle manufacturing market.
Gestamp and BHAP started its relationship by entering into a Joint Venture, which started its operations in November 2018. The newly signed MoU is another milestone in this strategic alliance with BHAP.
Gestamp signed an MoU with Liuzhou Wuling Automobile Industry Co., Ltd. (WLAI) today. In this case, both parties intend to leverage their competitive advantages and resources to cooperate in body-in-white, chassis and in new products within Guangxi Zhuang autonomous region.
“These strategic agreements are a step forward for Gestamp and reinforce our strategy in China, a country that is playing a significant role for the future of the automotive industry, leading the development of Electric Vehicles as well as other trends”, Mr. Francisco J. Riberas, Gestamp’ s Executive Chairman stated.
Gestamp displays its EV capabilities in China
Gestamp has signed both MoU during Auto Shanghai 2019, where the Spanish multinational company displayed its capabilities for Electric Vehicles (EV). Auto Shanghai 2019 is one of the largest exhibitions in the automotive industry and this is the first time that Gestamp is present, with the aim of displaying its innovative lightweight solutions together with new product offerings in order to continue to support its clients, the world’s largest car manufacturers.
Gestamp’s leadership in hot-stamping technology enables it to supply lower weight steel body structures that help car manufacturers meet increasingly stringent emissions regulations in the case of Internal Combustion Engines (ICE) and counteract the increase in weight from the batteries in the case of EVs leading to an increase in autonomy.
During the Auto Shanghai 2019 the Company will display its new developments in hot stamping and in other materials such as aluminium and new products such as the Battery Box. Gestamp will also present its latest developments in its Chassis and Mechanisms product portfolio.
“Gestamp’s presence at the Auto Shanghai 2019 Exhibition underpins our commitment to China, the Group’s fourth largest market by revenue, and where the Company has experienced significant growth since it started operations”, Mr. Riberas, explained.
About Gestamp
Gestamp is a multinational specialized in the design, development and manufacture of highly engineered metal components for top vehicle manufacturers. It develops products with an innovative design to produce lighter and safer vehicles, which offer improved energy consumption and a reduced environmental impact. Its products cover the areas of body-in-white, chassis and mechanisms.
The company is present in 22 countries with 109 manufacturing plants and 3 under construction, 13 R&D centers and a workforce of more than 43,000 employees worldwide. Its turnover stood at €8,548m in 2018. Gestamp is listed on the Spanish stock market under the GEST ticker.