Chinese fuel injector firm Wuxi Weifu said it was entering into a JV with German engineering firm Robert Bosch to make diesel nozzles for car and truck engines. Bosch will pay RMB 5.94 billion (US$717 million) for a 67% stake in the Wuxi-based venture, according to the Chinese partner.
Bosch is the strategic partner and the second- largest shareholder of Weifu, which is listed on the Shenzhen stock market. China is planning to raise the proportion of vehicles using diesel from about 30% now to 35% by 2005.