Jiangsu Xinquan Automotive Trim, a China-based manufacturer of automotive parts, has completed the expansion of its plant in Aguascalientes in the Mexican state of Tere Jimenez.
The Chinese company says the project has cost $30m (206.35m yuan) and will create 600 new jobs. The factory, which specialises in the manufacture of auto parts for luxury cars, has been in operation since 2021 and this expansion will allow for an increase in production lines.
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Before the expansion, the Aguascalientes plant annually produced 100,000 sets of door panels, 500,000 centre console units and one million rear panels, with yearly sales of $150m.
Jiangsu Xinquan is a private joint-stock enterprise founded in 2001 and headquartered in Jiangsu, China. According to its corporate website, it operates 23 branches in China and three overseas. It supplies parts for a number of Chinese automotive brands as well as international vehicle brands such as Volkswagen and Ford.
According to analysis from TS Lombard, outbound investment from China slowed significantly in 2022, a trend expected to continue over the next decade due to growing geopolitical rifts with the West.
Mexico, however, has continued to be an attractive destination for foreign direct investment in the automotive sector. Tesla announced in early 2023 that it would build a new gigafactory in the city of Monterrey in the north of the country.
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