Wonder Auto Technology Announces Penetration into New Energy Auto Market
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JINZHOU CITY, China, November 17, 2008: Wonder Auto Technology, Inc., a leading manufacturer of automotive electrics, suspension products and engine accessories in China, announced that one of its subsidiaries, Jinzhou Wonder Motor Co. Ltd ("Jinzhou Motor"), has entered into a development agreement with Korean CT&T Co. Ltd. ("Korean CT&T") stating that Jinzhou Motor will design and manufacture electric motor and driver products for Korean CT&T's electric vehicles. The products will have the following specifications: Voltage: 48V - 120V; Power: 4kw - 12Kw; Model: Traction motor and wheel-in-motor.
As scheduled in the agreement, Jinzhou Motor will deliver the first sample of traction motors and drivers of 72V, 7Kw to Korean CT&T for road testing by the end of March 2009, while batch deliveries will begin from June 2009. Korean CT&T will purchase, in priority, all motor and driver products developed by Jinzhou Motor according to the agreement, and the total expected purchase volume will be approximately $330 million from 2010 to 2013.
Korean CT&T is a specialized manufacturer of electric vehicles categorized as e-zone, utility vehicles for country clubs, and c-zone, including two- and four-seater family cars, sightseeing cars, golf-course carts and those used for police patrols, etc. Its main manufacturing facilities are located in Korea, China and Canada.
Wonder Auto has been dedicated to the research and development of core components of electric vehicles for years. Foreseeing the great potential of new energy automobiles (including electric vehicles and hybrid vehicles), the Company founded Jinzhou Motor in early 2007, so as to become one of the few suppliers of core components for new energy vehicles in the world. The Company has invested $1.1 million in building up the capacity of Jinzhou Motor. By June 2009, the expected annual production capacity will be about 400,000 sets of electric motors and drivers.
Mr. Qingjie Zhao, Chairman and Chief Executive Officer of Wonder Auto, said: "The electric motor products for this Korean customer is just an extension of our starter products, which is in line with our strategy of developing new products by sharing existing resources. It also represents our strategic decision of providing core components for the new-energy auto market, including electrical and hybrid vehicles, which, no doubt, will contribute to the sustainable and fast growth of Wonder Auto."