Beijing Benz Auto Parts Park Announces RMB 4.9 Bil in New Projects

Germany-based Daimler AG's Chinese joint venture that assembles Benz cars broke ground on the construction of an auto parts and accessories industrial park in Beijing on January 30th.

The industrial park is planned to provide a base for manufacturers of auto parts and accessories to supply products to Beijing Benz Automotive Co. Ltd, co-owned by Daimler AG and Beijing Automotive Group.

At the launching ceremony on Monday, contracts worth RMB 4.9 billion (766 million U.S. dollars) were signed that will finance the construction of the first batch of 19 projects in the industrial park at the Beijing Economic and Technological Development Zone.

Companies signing contracts at the ceremony include world famous auto parts producers like ZF Group, Valeo, Johnson Controls Inc. and Magna International Inc.

Sources with the economic zone said output of Beijing Benz and its industrial chain is expected to reach RMB 50 billion by the end of 2015.

Established in 2005, Beijing Benz now assembles and manufactures the Mercedes-Benz C-Class and E-Class cars in China.