Oct. 30, 2009 (PR Newswire) -- BEIJING, Oct. 30 /PRNewswire-Asia-FirstCall/ -- 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 its subsidiaries Jinzhou Wonder Motor Co., Ltd. ("Wonder Motor") and Jinzhou Halla Electrical Equipment Co., Ltd. ("Jinzhou Halla") have entered into framework agreements with Jinzhou Wonder Alternative Energy Vehicle Technology Co., Ltd., ("Jinzhou AEV"), for the supply of electric motors to Jinzhou AEV for use in its electric and alternative energy vehicles. The Company expects the aggregate value of the agreements to be approximately US$6.13 million.
Under the agreements, Wonder Motor and Jinzhou Halla will supply 6 models of electric motor products (250w, 350w, 600w, 800w, 7kw and 20kw) to Jinzhou AEV. Initial delivery is scheduled to begin in November 2009, with deliveries to continue during 2010. The Company expects to deliver approximately 1,450 units in 2009 and approximately 21,500 in 2010, representing aggregate sales revenues approximately US$0.44 million and US$5.69 million.
Under the agreement, the Company's electric motor will be used in 4 models of Jinzhou AEV's electric vehicles.
1. 2-wheel and 3-wheel light electric vehicles with retail prices ranging
from US$260 to US$500. With a one-charge driving distance of 40km to
70km, these vehicles are positioned as replacements for bicycles and
motorcycles
2. General purposes rural electric vehicle with retail price ranging from
US$4000 to US$6000. With a payload up to 1500kg or 7 passengers, this
type of vehicle has a one-charge driving distance of 100km and can reach
a top speed of 65km/hour. While its retail price is comparable to that
of a gasoline engine vehicle of similar size, its operating cost is
estimated to be US$400 to US$700 lower for every 20,000km driven.
Jinzhou AEV's electric vehicle is positioned as a replacement or
alternative to the estimated 35 million gasoline engine vehicle of
similar size that are currently being used in rural China
3. 2-seat passenger electric vehicle with a retail price of US$2000 to
US$4000 depending on the trim. This model will have a one-charge driving
distance of 100km and a top speed of 55km/hour. The vehicle weigh less
than 450kg excluding battery and its operating cost is US$0.40/100km or
less.
4. Electric taxis with prices ranging from US$4000 to US$8000. With a top
speed of 70km/hour, the one-charge driving distance of these vehicles are
100km if powered by lead acid battery and 300km if powered by lithium ion
battery.
