Changchun Faway Automobile Components Co. Ltd. is establishing a mold-making facility for the automotive industry.
In a Feb 12 announcement, publicly traded Faway said it takes 60 percent ownership of the joint venture while partner Changzhou Huawei Mould Co. Ltd. takes 40 percent.
With a total investment of 208 million yuan ($34.3 million), the new facility in Changchun is expected to reach annual capacity of 180 sets of large and medium-sized molds for automotive plastics processing by 2018.
Huawei is specialized in automotive exterior and interior molds with annual capacity of 500 sets. It exports 25-30 percent of its products, reaching markets including Germany and France.