News from Schweinfurt, Germany / Shangyu, Zhejiang, China. ZF Friedrichshafen AG (ZF Friedrichshafen AG) and is located in China's Wolong Electric Drives Group has signed the relevant agreement to set up a company specializing in the production of automobile parts and special motor joint venture, this cooperation can not only further enrich ZF products The series also marks a strategic upgrade for the cooperation between the two parties.
Dr. Holger Klein (left), Chairman of the Board of Directors of ZF Group, Asia Pacific and India, and Chen Jiancheng (right), Chairman of Wolong Holding Group
Jörg Grotendorst, head of the electric drive division of ZF, said: "The cooperation with the Wolong Group, an important motor and component group in the Chinese market, is a key step in the continuous deepening of the ZF electric drive strategy. The establishment of the joint venture company will help us expand the supply chain in the motor field to its related components, and we can better serve Chinese customers and suppliers."
The joint venture will be named "Wolong ZF Automotive Motor Co., Ltd." and its motors and components will be used in the ZF drive system and will also be available to other customers on the market. The large-scale production of motor parts for hybrid and electric drive systems signed by ZF and Wolong Electric marks a further deepening of the cooperation between the two parties. The automotive-specific motors produced at this joint venture will make a significant contribution to reducing carbon dioxide emissions in the road transportation sector.
Headquartered in Shangyu, Zhejiang, the joint venture company will take advantage of the advantages of joint procurement to prepare for future market demand and support ZF's continued development of the Chinese market. By 2025, the joint venture is expected to employ up to 2,000 employees.
Jörg Grotendorst (third from left), head of the electric drive division of ZF Group, and Chen Jiancheng (second from left), chairman of Wolong Holding Group, Wu Jianbo (first from left), financial director of Wolong Electric Drive Group, and Zhee Dr. Ye Guohong, Vice President of Asia Pacific, Fushun Drive Division (right) signed the agreement
Dr. Holger Klein, member of the board of directors of ZF Group and president of Asia Pacific and India, said: "This decision has been deepened cooperation with the successful Chinese company of Wolong Electric Drive Group to form a joint venture to produce automotive-specific motors. Ef's commitment to investing in China in the long run demonstrates our commitment to contributing to the electrification and sustainable development of the Chinese automotive industry. We will become more agile and able to provide timely and efficient localization services to our customers in China."
Chen Jiancheng, Chairman of Wolong Holding Group, said: “We believe that new energy vehicles will occupy a large share in the future market. Therefore, this will bring unprecedented development opportunities to both of us. The joint venture with ZF is A key step in this opportunity, the joint venture was established to provide motors and components to ZF and other customers in the market. We hope that in the near future, this joint venture will develop into a new energy vehicle motor field. A global leader."
As early as January 2016, ZF established the electric drive technology division in Schweinfurt, Germany, to develop the electric drive business. Currently, the division has more than 9,000 employees worldwide.
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