"Electric Steering Strategy"... HL Mando Launches Joint Venture with Chinese Parts Manufacturer

Investment with 60% Tenryun and 40% HL Mando
Targeting Chinese Market Followed by Overseas Expansion

Vice Chairman Jo Sung-hyun of HL Mando (right) is taking a commemorative photo with Xu Chengfei, CEO of Tenryun Industry, and Zhou Xianzhong, CEO of Tenryun Mando (center), after signing an agreement on the 20th at the HL Mando Global R&D Center in Pangyo, Gyeonggi Province. (Photo by HL Mando)

HL Mando is forming a joint venture with a Chinese automotive parts company to target the global commercial vehicle electric steering market.

On the 22nd, HL Mando announced the official launch of 'Tianlun Mando,' a joint venture with China's 'Tianlun Industry' focused on manufacturing electric steering for commercial vehicles. The joint venture will have a total capital of 100 million yuan (RMB, approximately 18.5 billion KRW). According to the agreed 60:40 share ratio, Tianlun will invest 60 million yuan, and HL Mando will invest 40 million yuan. The corporation is located in Shandong Province, China.

The two companies plan to target the global commercial vehicle electric steering market through Tianlun Mando. Unlike passenger cars, the commercial vehicle market heavily relies on hydraulics, so they aim to secure a leading position, accelerate the transition to electric vehicles (EVs), and actively contribute to reducing carbon emissions. They plan to first strengthen their presence in the Chinese market before expanding overseas.

Tenryunmando Bolnut Electric Power Steering Device (BN-EPS) Installed Image (Photo by HL Mando)

In particular, they will focus on the bolt-on electric power steering (BN-EPS), which combines high output and eco-friendly characteristics. Tianlun Mando plans to establish a full product lineup of BN-EPS for commercial vehicles, including small trucks, large trucks, and buses, by 2026. Tianlun, which has over 100 commercial vehicle OEM customers worldwide, holds the number one market share in China and second place globally in the commercial vehicle crankshaft sector.

Jung Sung-hyun, Vice Chairman of HL Mando, stated, "The era of chassis electrification and software-defined vehicles (SDV) for commercial vehicles is approaching soon," adding, "Tianlun Mando will take the lead in opening this new chapter."