American Axle signs contract with Chery |
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Thu, 17 May 2007 14:00
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(AP) - NEW YORK -- Struggling automobile parts supplier American Axle & Manufacturing Inc. said Thursday it received a contract from China's largest automaker.Detroit-based American Axle, which recently began restructuring because of sluggish new car sales at key customers such as General Motors Corp., said the contract with Chery Automobile Co. Ltd. calls for building rear-wheel drive modules for a 2009 model-year crossover vehicle. Terms of the deal were not disclosed.The Detroit-based company made the announcement during the opening its new manufacturing plant in Changshu.The contract comes as especially good news for American Axle because Chery ranks as China's biggest domestic automaker and wants to expand into major overseas markets such as Europe and the United States. It already exports to Russia, Southeast Asia, Iran and other Middle Eastern countries.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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