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Chinese firm to invest RMB 1.4 bln for automobile lightweight materials project in Mexico

August 23, 2023

Abstract : Chinese company Innovation New Material Technology Co., Ltd. (600361.SH) announced that it plans to carry out an automobile lightweight aluminium alloy materials project in Mexico, reported Shanghai Securities News Monday.

People visit the Summer Flower Festival in Mexico City, Mexico, Aug. 14, 2023. (Photo by Francisco Canedo/Xinhua)

BEIJING, Aug. 23 (Xinhua) -- Chinese company Innovation New Material Technology Co., Ltd. (600361.SH) announced that it plans to carry out an automobile lightweight aluminium alloy materials project in Mexico, reported Shanghai Securities News Monday.

According to the company's announcement, the project will be implemented by two companies jointly established in Mexico by its 100 percent-controlled subsidiary Drayton Management Limited and its wholly-owned sub-subsidiary Gloucester Management Limited.

The total investment for the project stands at 196.7368 million U.S. dollars, or about 1.4 billion yuan.

(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: Mexico Chinese company automobile lightweight materials

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