According to foreign media reports, after GM acquired the global steering system business of the bankrupt company Delphi in August, a Chinese company is seeking to acquire this business from GM. It is reported that Yubei (Xinxiang) Automotive Power Diverter Co., Ltd. is negotiating the purchase of the global steering system business from General Motors. This business was formerly Delphi and is now renamed Nexteer Automotive. 54-year-old Nexteer CEO Remenar has just visited China in July. In August, Yubei’s executives also visited Nexteer’s large number of manufacturers in San Nino, Michigan. Neteer and GM spokeswoman declined to comment. Nexteer is the leader in electronic and hydraulic brake steering systems. Yubei company mainly provides hydraulic steering modules for the Chinese market. However, the reporter had a connection with the General Aviation Management Office of China Aviation Industry Xinyu Yubei (Xinxiang) Automotive Power Steering Co., Ltd., the relevant person in charge of the office said: "As of now, did not hear the news." Future development plan According to Nexteer internal documents, although Nexteer is a general-purpose company, it has been operating independently. It is expected that sales in 2009 will reach US$1.6 billion, down from US$2.1 billion in 2008. However, the company's growth plan is very aggressive. Even if there are no new investors, the company expects sales to reach 1.8 billion U.S. dollars in 2010 and 2.5 billion U.S. dollars by 2013. The electric power steering system is a product that Nexteer has grown rapidly. The technology is more mature than hydraulic power, and because of its light weight, the fuel consumption is also relatively low. Yubei Company is a Nexteer supplier and customer in China. According to a Nexteer source, Yubei’s sales last year exceeded US$125 million. Although the scale is relatively small, the hydraulic assist system technology of Chinese companies is widely used in emerging markets. Yubei Company is a branch of China Aviation Industry Corporation. General repo for Delphi Nexteer has 15 manufacturing plants around the world with 6,200 employees, of which 2,900 are headquartered at the Sachino Technical Center. Before the bankruptcy in October, Delphi tried to sell its global shift to the system business but failed to succeed. Delphi was detached from GM in 1999, but in August this year, General Motors repurchased global steering system business as well as Delphi’s four manufacturing plants in the United States and continued to employ its current employees to pave the way for Delphi’s withdrawal from bankruptcy protection. However, GM clearly stated that its plan is to quickly sell the global system to the system business. It is reported that in September, the company's negative cash flow reached 175 million U.S. dollars, of which 116 million U.S. dollars were used to maintain operations and 59 million U.S. dollars were used for restructuring. After the bad state began after the acquisition, Nexteer has returned to positive cash flow and the company will be profitable in the fourth quarter. Yubei (Xinxiang) Automotive Power Steering Co., Ltd. Registered on March 15, 2007, registered capital of 18573 million Hong Kong dollars. It is a joint venture jointly established by China Aviation Industry Henan Yubei Machinery Factory (Xinxiang), Hong Kong Everbright Investment Holdings Co., Ltd., and Xinxiang Yutai Machinery Equipment Co., Ltd. The share ratio of the three parties is 49.93%, 43.07% and 7% respectively. The company mainly produces various kinds of power steering systems, including recirculating ball power steering gears, rack and pinion power steering gears, and electric power steering systems. After decades of technology accumulation, there are currently more than 100 varieties of 13 series products, covering products. Cars, mid- to high-end off-road vehicles, SUVs, light trucks, medium and high-grade passenger cars.