Zhejiang Founder Motor Gets Orders to Produce Drive Motor Parts to Volkswagen

MT Newswires Live2024-10-23

Zhejiang Founder Motor (SHE:002196) received two orders to produce automobile parts to Volkswagen's subsidiaries in China.

The drive motors supplier will provide drive motor stator and rotor assemblies, among other parts, for a project of SAIC Volkswagen Automotive, Volkswagen's joint venture with SAIC Motor (SHA:600104). Founder will produce 419,000 units, starting in the first quarter of 2025, according to a Monday filing on the Shenzhen Stock Exchange.

In another order, Founder's unit, Founder Motor (Deqing), will also supply drive motor stator and rotor parts to Volkswagen Automatic Transmission (Tianjin). About 1.2 million units will be produced, starting in the third quarter of 2025, another same-dated bourse filing said.

SAIC's shares rose less than 2% in recent trade.

Price (RMB): ¥5.12, Change: ¥-0.060, Percent Change: -1.16%

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