Haldex and Zhejiang VIE Science and Technology Co. Ltd. (VIE) have announced a joint venture to design, develop, produce and sell electromechanical brake systems for commercial vehicles, with an initial focus on the electric bus market in China.
As manufacturers and governments seek solutions to combat climate change, China is seen as taking a global lead in the market for fully electric commercial vehicles. Electromechanical brakes are expected to be a fast-growing niche within this market, especially supported by the recent development of the electric bus segment on the Chinese market. The Chinese market for electrical buses was forecast to grow by 47 percent between 2015 and 2020, to more than 141,000 vehicles produced during 2020. The new technology will offer customers a simplified and cost effective brake system layout; independent from pneumatic energy, with reduction of noise, improved braking performance and better passenger and driver comfort.
Under the agreement, Haldex and VIE will set up a greenfield joint venture with the parties owning 50 percent each. The joint venture will operate under the name Haldex VIE (China) Electro Mechanical Brake Systems Co. Ltd. and will be based in Shanghai. The joint venture will capitalize on Haldex’ early development of electromechanical brake systems, not yet released to the market, and VIE’s position and customer base in the Chinese market.
The chairman of VIE, Xi-Liang Chen says: “Haldex is a world-renowned company with a long history in the global commercial vehicle industry, providing reliable and innovative solutions improving areas such as safety. Haldex has unrivaled expertise when it comes to R&D for electromechanical braking systems for commercial vehicles. VIE is a leading company in China providing R&D, manufacturing and marketing for commercial vehicle braking systems. The signing of this joint venture agreement is a sign of strong cooperation.”
He emphasized, “The establishment of this joint venture will improve the competitive strength of both companies in China and in the rest of the world. This is especially true for safety technology within the emerging market of electric commercial vehicles, which will guide the innovative development of electromechanical braking systems globally.”
“This agreement combines our companies’ strengths into a powerful player that has the potential to become the market leader of electromechanical brake systems,” added Bo Annvik, president and CEO of Haldex. “VIE is a strategic partner to us on the Chinese market and we value their expertise and strong customer relationships. Electromechanical brake technology has, for Haldex, long been an identified growth opportunity. With this joint venture we will have the capacity and market support to develop innovative, game-changing technologies in a growing market segment. I’m also very pleased that Haldex is taking a leading position in eco-friendly technology that will be a key component in building a sustainable future of commercial vehicles with high safety requirements.”
The joint venture will be subject to regulatory approvals.
