An agreement to this effect was signed in Beijing during the 2012 Beijing International Auto Show. The joint venture develops, manufactures and sells instrument clusters and car infotainment systems. With the acquisition the Car Multimedia division will strengthen its position in the growing Asian market. 500 associates generated sales of some 200 million yuan (22 million euros) in 2011.
“Leveraging engineering expertise of Bosch, Chery and Atech, we can respond faster to the requirements of the local market”, said Dr. Uwe Thomas, the president of the Car Multimedia division. “All partners will join hands to enhance our R&D and manufacturing strength in the target market”, Mr. Ying Tongyao, CEO of Chery, said during the signing ceremony.
In China, Bosch is already supplying international customers with instrument clusters and combined radios and navigation systems. The joint venture's customer base will complement the customer portfolio of Bosch Car Multimedia with local automakers. Together with its partners the Bosch division will be able to cover all segments, from the entry segment, which is growing rapidly in Asia, through to the premium segment.
The transaction is subject to approval by the antitrust authorities. It has been agreed that the purchase price will not be disclosed.