ThyssenKrupp AG, a diversified industrial group based in Germany, has opened an automotive supply plant in China with investment of 150 million yuan ($24.6 million), aimed at the country’s growing auto industry.

The plant in Chengdu, Sichuan province, has an annual production capacity of about 3 million springs and 1.5 million stabilizers for auto manufacturing, the company said.

It is a joint venture between ThyssenKrupp, with a 60 percent stake, and Chinese component manufacturer Fawer Automotive Parts, with 40 percent.

ThyssenKrupp said the project has created 200 jobs in the region.

“The strategic expansion of automotive supply plants in the world’s growth regions is a key component of ThyssenKrupp’s transformation into a diversified technology group,” the company said.

In the past three years, the firm has invested about 1 billion euros ($1.35 billion) in the global expansion of its auto components business.

Karsten Kroos, chief executive officer of components technology business at ThyssenKrupp, said: “For us, China is the world’s most important growth market. In the past two fiscal years, we have invested some 250 million euros on new supply plants for the Chinese automotive industry, and now have seven production facilities in the country. Another plant for cylinder head modules is under construction.”

China’s auto industry has seen rapid growth in recent years. More than 15 million new passenger vehicles were sold in the country in 2012, a twentyfold increase since 2000 and accounting for one fifth of new vehicle sales globally.