Anhui Jianghuai Automobile Group Co., China's biggest exporter of light trucks, said Saturday it has signed an agreement with Brazil's SNS Co. to build a joint venture in the South America's biggest country.
The project's entire investment will reach 600 million U.S. dollars, Anhui Jianghuai said in a statement filed to the Shanghai Stock Exchange.
The automaker will take a 20 percent stake in the joint venture, while SNS will have a 80 percent stake, the statement said.
The joint venture is expected to produce 100,000 passenger cars every year under the brand name of "Anhui Jianghuai". All major components that the joint venture needs must be bought from Anhui Jianghuai, the statement said.
The completion of the deal is still subject to approval by Chinese and Brazilian authorities, the statement said.
