SEOUL, May 15 (Yonhap) -- Hyundai Transys Inc., an auto parts unit of South Korea's Hyundai Motor Group, said Wednesday it has signed a memorandum of understanding with China's largest electronic vehicle maker to boost transmission supply and development.
Hyundai Transys said that it signed the agreement with BYD Co. Ltd in Shenzhen, Guangdong Province, China, under which the two sides will closely cooperate on transmission businesses.
Under the deal, Hyundai Transys' products will get priority in BYD's new projects. The company currently supplies automatic transmissions to BYD, but it plans to sell more products, such as dual-clutch transmissions, to the Chinese customer.
This year, Hyundai Transys targets to sell transmissions for 350,000 cars manufactured in China, up 40 percent from a year ago. The company is contracted to supply some 320 billion won (US$269.3 million) worth of transmissions for BYD's sport utility vehicle Tang until 2022.
Hyundai Transys was established in January after a merger between Hyundai Dymos Inc. and Hyundai Powertech Co., both affiliates of Hyundai Motor Group.
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