Automotive Intelligence - the web for automotive professionals and car enthusiasts
July 23, 2010
This Week:
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New E-Class a Success - More than 300,000 Units Delivered to Customers
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Sporty and efficient - 10,000th Audi TT 2.0 TDI leaves the assembly line
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Mercedes-Benz Most Successful Premium Brand in India in First Half of 2010
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GM China Breaks Ground for Advanced Technical Center in Shanghai
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China XD Plastics Signs Exclusive Product Development Agreement with Hafei Dongyang
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Ford Credit Earns $556 Million in the Second Quarter of 2010
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China XD Plastics Signs Exclusive Product Development Agreement with Hafei Dongyang Agreement for the development and supply of specialized plastics for use in electric vehicles HARBIN, China - China XD Plastics Company Limited ("China XD Plastics" or the "Company"), one of the leading Chinese manufacturers engaged in the development, manufacture, and distribution of modified plastics primarily for use in automotive applications in China, today announced that as part of an exclusive product development agreement, it has delivered to Hafei Dongyang ("HD"), one of the leading automotive parts suppliers in Northeast China, three tons of specialized plastic compounds to be used in the battery casing during a pilot production for electric vehicles. In addition, China XD Plastics will have the opportunity to receive additional exclusive product development rights for a period of five years upon the successful design of new specialized plastic products to be used in HD's plastics parts in electric vehicles. As one of the leading automotive parts suppliers in Northeast China, HD is a supplier of electric vehicle parts to China Changan Harbin Hafei Automobile Industry Group Co., LTD, one of the major auto OEMs in China. According to the agreement, China XD Plastics will, from time to time over the next five years, supply HD with specialized plastics to be used in a wide range of components, including battery cases, cell cases, separators, membranes, polymer super capacitors, composite bipolar plates, silicon wafer carriers, and plastics parts used in charging stations and other applications. |
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Due to the energy efficiency and environmental advantages of electric vehicles, the Chinese government has made the development of the domestic electric vehicle industry a key priority, supported by a number of programs and policies to foster the growth of this market. According to Mr. Gang Wan, the minister of The Chinese Ministry of Science and Technology, it is expected that electric vehicles will account for at least 10% of total automobiles manufactured in China by 2012 and 50% by 2030, which represents 19.5 million units per year. |
Mr. Jie Han, Chairman and CEO of China XD Plastics, commented: "We are pleased to announce our partnership with Hafei Dongyang. This is another significant milestone for China XD Plastics, officially marking our entrance into the growing electric vehicle market. We believe the electric vehicle market presents a strong growth opportunity, and this agreement provides us with a further opportunity to expand sales of high-value-added products in environmentally-friendly areas. We will continue to explore opportunities with other customers to secure our leading position in this new market. We believe the underlying growth trends within the Chinese automotive market remain robust, and we remain confident in our ability to continue to deliver profitable growth."
(21 Jul 2010)