WATG's major customer obtained AEV licenses
JINZHOU CITY, China, Jan. 4 /PRNewswire-Asia/ -- Wonder Auto Technology, Inc. (Nasdaq: WATG) ("Wonder Auto" or the "Company"), a leading manufacturer of automotive electric parts, suspension products and engine components in China, today announced that one of its major customers, WEV (Wonder Electric Vehicle Ltd) has obtained 100 AEV licenses for its electric taxis from the local government, which is planning to increase the number of licenses accordingly in the following years. Wonder Auto's electric motor will be installed in these taxis, which include more than 10 different models of 2-seat and 4-seat vehicles. This is not only a sign of adopting electronic cars as taxis for the first time globally, but also a remarkable moment for WATG that our electric motors' quality and techniques satisfy the driving systems of electric vehicles. Additionally, our motors will become another strong growth driver to our total sales revenue in the future.
WEV, an electric vehicle manufacturer, supported by the local government, is a major customer of Wonder Motor, a subsidiary of Wonder Auto. The motors, including driving motors, breaking assistant motors, engine cooling system motors, power steering motors and air-conditioning motors (to be adopted later), are designed, developed and manufactured by Wonder Motor. As far back as 2007, WATG started to develop key auto parts applied to both pure electric and hybrid vehicles; and we achieved remarkable accomplishments in 2009.
Chairman and CEO of Wonder Auto Mr. Zhao Qingjie said, "After 5 to 10 years, automobiles will be transformed from fuel powered to electric powered, from mild hybrid to heavy hybrid, and finally to pure electric powered. Wonder Auto will optimize its product portfolio and maximize its resources in order to focus on the global auto market in the future." Mr. Zhao continues, "The electric taxi programme will bring Wonder Auto an unprecedented opportunity, which allows Wonder Auto's electric motors to be tested in the hardest working environment. Within this programme, we will get helpful implementation data of our products directly, which are essential materials to optimize our products and perfect our technology. With these, Wonder Auto will take a leading position to its competitors, and be prepared for when demand increases. All of those auxiliary motors, such as air-conditioning motors, power steering motors, breaking motors and engine cooling motors, will not only be used on electric cars, but also can be used on fuel powered vehicles and all kinds of hybrid vehicles. These motors can provide engines with higher fuel efficiency and longer product lifecycle."
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc., through its Chinese subsidiaries, designs, develops, manufactures and sells automotive electrical parts, suspension products and engine components. Wonder Auto ranked second and third in sales revenue in the Chinese market for automobile alternators and starters in 2008, respectively. Wonder Auto's products are used in a wide range of passenger and commercial automobiles with special focus on the fast-growing small- to medium-engine passenger vehicle market. For more information, please log on http://www.watg.cn .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as "will," "believe," "expect," "may," "should," "potential," "continue," "anticipate," "future," "intend," "plan," "believe," "is/are likely to," "estimate" or similar expressions. Such information is based upon assumptions and expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions and expectations are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release, except as required under applicable law. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov . All information provided in this press release and in the attachments is as of the date of this press release.
For more information, please contact:
Patrick Sun
Investor Relations Manager
Tel: +86-10-8478-5339
Cell: +86-153-1161-1742
Email: ir@watg.cn