Xinchai Shares And Shanghai Automotive Electric Drive Signed A Cooperation Agreement To Establish A Joint Venture Company

Zhejiang Xinchai Co., Ltd. is a leading enterprise deeply engaged in China's non-road mobile machinery power market. Shanghai Automotive Electric Drive Co., Ltd. is engaged in energy saving and new energy vehicle motor drive system research and development, production and sales, Shanghai Electric drive is a wholly-owned holding company of Dayang Electric Motor, is engaged in electric vehicle electric drive system industry leader, the whole industry chain technology innovation strategic alliance chairman unit. The two sides will build a complete and independent supply chain of non-road mobile machinery, strengthen and expand the market, jointly layout and develop the new energy sector industry of the market, and provide customized overall solutions for a wide range of non-road mobile machinery customers. Recently, the two sides signed an investment cooperation agreement to jointly invest in the establishment of a joint venture company integrating research and development, manufacturing and sales in Wuhu to serve the market of China's non-road mobile machinery new energy sector.

In the process, the teams of both sides deeply analyzed the product and market positioning, and clarified the direction of the product platform. At the same time, Chairman Bai Hongfa and Chairman Lu Chuping, who are in charge of both sides of the investment, made requirements and prospects for the implementation and later development planning of the project through in-depth exchanges and discussions, hoping to continuously give play to the advantages of both sides, form complementaries and build an industry benchmark.