Shanghai (Gasgoo)- Lifan Industry (Group) Co.,Ltd (hereinafter referred to as Lifan Group) has become a contract manufacturer for Wuhan Tiger FCV, a China-based fuel cell power system developer, according to an announcement in response to an inquiry letter issued by the Shanghai Stock Exchange.
Earlier this month, Lifan Group announced that Chongqing Lifan Passenger Vehicle Co., Ltd. (Lifan PV) signed a strategic cooperation agreement with Wuhan Tiger FCV and a Chongqing-based tech research company for hydrogen fuel cell power system development.
Under the cooperation, Lifan PV should provide at least two vehicles for the R&D of hydrogen cell power system and a team specializing in the integration of relevant complete vehicle technologies. If it is necessary, the PV maker will manufacture hydrogen fuel cell engines for Wuhan Tiger FCV.
Moreover, Lifan PV will use its marketing channels to help the Wuhan-based company popularize hydrogen fuel cell engines. Meanwhile, Wuhan Tiger FCV will provide the car maker with its fuel cell engines.
After the cooperation announced, Lifan Group's share prices hit limit-up for several consecutive days. On April 16, Shanghai Stock Exchange issued an inquiry letter to the automaker, requiring the latter to disclose the details of investment, technology and talents about the cooperative program.
Lifan replied that the cooperation focusing on hydrogen energy is only a framework agreement on a strategic level and concrete projects have not been settled yet. Besides, there is uncertainty and risks in terms of achieving mass production goal and entering the national catalogue of hydrogen-powered passenger vehicles since the cooperative program is still in the initial development stage.
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