NEW YORK -- Auto parts maker Dana Corp. and Dongfeng Motor Co. said on Thursday that they would form a joint-venture company called Dongfeng Dana Axle Co. to develop and produce commercial vehicle axles in China.
The joint venture, which will be equally owned, is expected to be completed in the third quarter. Dana of Toledo, Ohio, will invest $60 million in an existing Dongfeng subsidiary to form the joint venture. It expects to employ about 8,000 workers and sees 2005 sales of $400 million.
Dongfeng Motor Co. Ltd. is a joint venture between the state-owned Dongfeng Motor Group and a Chinese subsidiary of Nissan Motor Co.