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Founder Motor reached a framework agreement with its subsidiary companies by trading limit in the afternoon.
Sep 14,2020 13:38CST
The content below was translated by Tencent automatically for reference.

SMM9 March 14: this afternoon, founder Motor trading limit, up to 13:45 points up 9.41%. Founder Motor's share price soared mainly due to the framework agreement reached to provide drive motor components for a certain project to Azura Power at a certain price.

Recently, Zhejiang founder Motor Co., Ltd. and Weiran (Nanjing) Power Technology Co., Ltd., a subsidiary of Ulai Automobile, reached a framework agreement on founder Motor providing drive motor components of a certain project to Azure Power at a certain price.

Weiran (Nanjing) Power Technology Co., Ltd. is a subsidiary of Shanghai Ulai Automobile Co., Ltd., with a registered capital of 1.011832 billion yuan, legal representative: Li Bin. Business scope: new energy vehicle and related parts and components technology development, technical services, technology transfer and technical consultation; technology development, technology transfer, technology consultation, technical services in the field of Internet science and technology; e-commerce (not allowed to engage in financial business); Auto parts, auto parts (including battery management system, motor management system, electric vehicle electronic control integration, electric vehicle drive motor, etc.) production, wholesale, sales and supporting services; the company's self-produced products of similar products import and wholesale business. (projects that must be approved according to law and approved by relevant departments can only carry out business activities.)

The impact of Agreement performance on the Company

The above agreement stipulates that the product provided by the company to Weiran Power is the company's first product with flat wire motor winding type, which has different improvements in power density and motor efficiency compared with the existing products. At the same time, the project is also one of the company's annual production of 350000 new energy-driven motors and electric drive integration projects.

The smooth implementation of the project and the establishment of a supply relationship with Azura Power indicate that the company has the ability to supply drive motor products and serve first-class customers of the country's leading new energy vehicles. New energy vehicle drive business is the core business unit of the company's future development, the company will make every effort to improve the new energy drive motor research and development and efficient production and manufacturing system, comprehensively improve production and operation efficiency and market response speed, speed up the expansion of new markets and customers, and enhance the company's market position and core competitiveness in the industry.

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founder Motor
Weiran Power

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