(Yicai Global) May 21 -- China's Vie Science & Technology will intensify its collaboration with Sweden's Haldex to make more precise electromechanical brake systems.

Vie and a unit of Haldex will form a 50:50 joint venture with CNY30 million (USD4.2 million) in registered capital, the Zhejiang province-based auto parts maker said in a statement yesterday.

The JV will use technologies developed by Haldex Vie Shanghai Electro Mechanical Brake Systems, another JV that the pair formed in 2016, to boost the parent's position as a leading braking system provider, especially in the new energy vehicles market, the company added.

Landskrona-headquartered Haldex makes brake systems for heavy trucks, trailers, and buses.

Vie's stock price [SHE: 002590] climbed 0.3 percent to CNY7 (USD1) this afternoon.

Editor: Emmi Laine