IHI Corporation and Hyundai WIA Corporation, a major automobile parts manufacturer and a major subsidiary of Hyundai-Kia Motor Group, have entered a joint venture agreement for turbochargers.
The Vehicular Turbocharger business unit of IHI Group has seven plants world-wide and is targeting 7 million units per year production in FY2015.
Market demand continues to grow in line with new down-sized engines and government regulation for fuel consumption and exhaust emissions. IHI Group’s Turbocharger business aims at a target of 10 million units per year sales.
The Vehicular Turbocharger business unit of IHI Group is already the leading in Asian markets, including China, Japan and Thailand, the company claims. IHI intends to strengthen its position as the No.1 brand in Asia through the joint-business in South Korea.