Several auto parts companies announced plans to build factories overseas

Recently, auto parts companies such as Songyuan and Hexing have also announced plans to build factories overseas. Songyuan plans to set up a wholly-owned subsidiary in Malaysia and invest in the construction of a production base, with an initial investment of no more than RMB 50 million. Hexing plans to set up a wholly-owned company in Germany and invest in the construction of a production base, with an estimated investment of no more than EUR 30 million.