The Bonded Area Administration and Phinia Group held a signing ceremony for a memorandum of understanding on Tuesday, marking the official establishment of Phinia Group's Asia-Pacific headquarters in the bonded area.
Phinia Group is a leading automotive supplier dedicated to providing fuel systems, alternative fuel technology, electrical systems, and after-sales market solutions. It owns well-known brands such as Delphi, Delco Remy and Hartridge.
Delphi has been in the Waigaoqiao Bonded Area since 1997 and has evolved over the years from a manufacturing plant into a research and development center and operational headquarters.
By establishing its Asia-Pacific headquarters in the bonded area, Phinia Group will undertake investment and management functions within the Asia-Pacific region. This move highlights the company's confidence in China's economic resilience and vitality, the benefits of a vast market and opportunities for high-level development.
The automotive and auto parts industry is one of the four key industries in the bonded area during the 14th Five-Year Plan (2021-2025) period.
Currently, the bonded area has developed a complete industrial system that includes automotive technology R&D, auto parts manufacturing, car sales and related services. It has attracted 438 enterprises related to automobiles and auto parts, including Phinia Delphi, Inteva and Jaguar Land Rover, achieving a total operating income of 102 billion yuan (US$14.03 billion) in 2023.
