On November 22, 2019, Chinese Commercial Vehicle Steering System Manufacturer & Supplier ZJSB, referred to as the "Company") issued an announcement saying that the company's wholly-owned subsidiary, Automobile Steering system Co., Ltd. signed Scania Fixed-point letter of intent for steering gears for sub-high-end heavy trucks.
The company focuses on the research and development of automotive steering related technologies and products. It is one of the first companies in China to research and develop automotive hydraulic power steering systems. It is also the first company in China to complete independent research and development of electric power steering systems and intelligent steering systems.
Scania was founded in 1891 and is a well-known commercial vehicle company in Europe. It belongs to the Volkswagen Group Bus and Bus Co., Ltd. The heavy-duty trucks it produces are safe, reliable, fuel-efficient and comfortable, and are sold to more than 100 countries and regions in the world.
The previous announcement showed that on October 14, 2015, the company signed a global purchase agreement for steering gear with Daimler AG. The signing of a letter of intent between Hangzhou Shibao and Scania is another major gain for the company in developing overseas first-class supporting businesses.