Ningbo Huazhong supplies automotive parts to a number of automotive OEMs in China, including China FAW Group, Shanghai Automotive Industry, Beijing Automotive Works and China Second Automobile Group, among others.
The three year agreement provides China XD Plastics with the exclusive rights to develop new plastic materials for use in Ningbo Huazhong’s electric vehicle parts, with a primary focus on battery modules, charging stations and other applications.
The agreement will allow China XD to capitalize on the development of the alternative energy vehicle market in China that is projected to require more than 250 thousand metric tons of new plastic materials for use in electric vehicles by 2012.
China XD Plastics chairman and CEO Jie Han said that the company is pleased to announce its broadened strategic partnership with Ningbo Huazhong and believes that this alliance further validates its leading position in the developing market for plastic materials for use in EVs.
"We will continue to seek additional opportunities in this growing market, and we believe China XD is well positioned to meet the increasing demand for electric vehicles and other high-end modified plastics end markets," Han said.
