Bethel Automotive Safety Systems

Bethel Automotive Safety Systems and Zhejiang Geely Holding Group signed an agreement to establish a joint venture in Taizhou, Zhejiang, for intelligent automotive chassis systems, focusing on Wire-Controlled Brake System (WCBS) products.

Bethel Automotive Safety Systems agreed to acquire a 45% equity stake in Zhejiang Wanda Automotive Steering Co., Ltd. for approximately 200 million yuan. The acquisition will add steering system products to Bethel's automotive safety portfolio.

Bethel Automotive Safety Systems Co., Ltd (WBTL) is investing US$50 million in a new plant in Saltillo, Coahuila, Mexico. The first phase will build a 20,000 SQM facility for aluminum casting and machining of automotive chassis components, creating about 550 jobs.

Bethel Automotive Safety Systems signed a seven-year, CNY1.8 billion ($257 million) contract to supply aluminum brackets, steering knuckles and fork arms to General Motors' factories in the US, Canada and Mexico.

Bethel Automotive Safety Systems signed 26 supply contracts with three General Motors entities (US, Mexico, Canada) for lightweight cast aluminum products across 7 vehicle platforms. The contracts are effective from October 25, 2019, with expected 2020 revenue of about CNY 400 million and cumulative revenue over CNY 1.8 billion over the product lifecycle.

General Motors added Bethel Automotive Safety Systems as a tier-one supplier. Bethel will deliver steering knuckles to GM's four Mexican plants for seven years, with GM expecting to sell about 350,000 cars fitted with the component annually.