HL Group’s HL Mando has officially launched a joint venture with China’s automotive parts company, Tianrun Industry Technology, related to the manufacturing of electric steering for commercial vehicles. The joint venture, Tianrun Mando, will have a total capital investment of 100 million renminbi, with Tianrun contributing 60 million renminbi and HL Mando investing 40 million renminbi, holding a 60-40 stake respectively.
The inauguration ceremony for the corporation took place on Feb. 20 at HL Mando’s Global R&D Center in Pangyo, attended by top executives from both companies, including HL Mando’s Vice Chairman Jo Seong-hyun and Tianrun Industry’s CEO Xu Chengfei.
Tianrun Mando aims to target the global market for electric steering for commercial vehicles. Unlike passenger cars, the commercial vehicle market heavily relies on hydraulic systems. The joint venture’s business policy actively contributes to accelerating the transition to electric vehicles (EVs) and reducing carbon emissions by dominating this market.
At the heart of this initiative is Ball Nut Electric Power Steering (BN-EPS), which combines the advantages of hydraulic ball nut steering and electric steering. The product is celebrated for its environmental friendliness and high output, earning the reputation as the “future of commercial vehicle drive systems” among experts.
During the launch ceremony, HL Mando’s Vice Chairman Jo Seong-hyun expressed, “The electrification of commercial vehicle chassis and the era of Self-Driving Vehicles (SDVs) are imminent. Tianrun Mando will lead the way in opening this new era.”
Tianrun Mando plans to establish a full lineup of BN-EPS for commercial vehicles, including small and large trucks and buses, by 2026. Tianrun, holding over 100 commercial vehicle OEM customers worldwide, ranks first in China’s market share for commercial vehicle crankshafts.