Mando Corp., South Koreas second largest automotive parts maker, said yesterday it signed a $125 million deal to supply electric power steering systems to Russian carmaker AutoVAZ for five years from 2007.
The first-ever order a Korean parts manufacturer received from a Russian automaker adds to Mando’s other overseas deals won this year – $215 million from Chinese carmakers including SGM, $386 million from General Motors Corp. and $68 million from Ford Motor Co.
Mando said it secured orders worth a total of $5.4 billion since 2000.
The AutoVAZ car in which Mando’s EPS will be used is the first Russian car targeting European exports, the Korean company said.
To develop products that are fit for Russia’s climate conditions, we tested them in northern China which has similar winter weather, a Mando official said.
We expect to secure more orders in the country as the Russian auto market is rapidly expanding.