Dongfeng Invests Billions in New Energy Company

Shanghai, May 27, Gasgoo - China has become the world's largest new energy automotive market, and pure electric vehicles shows a significant growth trend. Auto enterprises have also increased their own R & D strength. IIA learns from Dongfeng auto official that Dongfeng Electric Vehicle Co., Ltd. and Shenzhen Hangsheng New Energy Co., Ltd. will jointly set up Dongfeng Hangsheng (Wuhan) Automobile Control System Co., Ltd. to develop and manufacture new energy vehicle control system products and to improve as well as master key technologies of new energy.

May 22, signing ceremony of was held in Wuhan. According to the cooperation agreement, the two sides, Dongfeng Electric Vehicle Co., Ltd. and Shenzhen Hang Sheng New Energy Co., Ltd. , will jointly invest 1.1 billion yuan to establish Dongfeng Hangsheng (Wuhan) Automotive Control System Co., Ltd. They are going to develop and manufacture new energy vehicle control system products. This project will be put into use in this year, and the value of annual output is expected to reach up to 1.3 billion yuan.

Liu Weidong, Deputy General Manager of Dongfeng Motor Company, said, “technology is the key in the competition of the automotive industry and our country as well as consumers have put forward higher and higher requirements as well as expectations for us. Therefore, we are stressful as well as motivated as the same time.

In the new energy sector, Dongfeng has launched E70 and AX5 EV. E70 is equipped with a motor with maximum power of 90 kilowatts and the maximum mileage of 350km; AX5 EV is equipped with a motor with the maximum power of 90 kilowatts. In the future, new energy models of Dongfeng are expected to carry Dongfeng Hang Sheng's electronic control system.