June 28 -- Zhejiang Wanliyang Transmission (002434) said it will establish a joint venture with Taizhou Geely Haoxin Automotive Transmission and Zhejiang Geely Holding Group, reports yicai.com, citing a company filing.

The joint venture will manufacture and sell MT transmissions for passenger vehicles.

The three parties agreed to initially build annual capacity of 150,000 units of MT transmissions, before expanding capacity to 600,000 units in three years in order to meet demand from Geely Automobile Holdings (0175.HK).

The detailed investment proportions and total investment amount have not been finalized.