BEIJING – Beijing WKW Automotive Parts Co., Ltd. announced plans to purchase 48 percent shares of Shenzhen Wuzhoulong Motors Co., Ltd. for ¥ 552 million ($85.31 million), according to a company announcement.
The transaction was completed on December 17. The acquisition accelerates the expansion of WKW in the new energy vehicle market.
Besides Wuzhoulong, WKW also became a 20 percent shareholder of Changchun New Energy Vehicle Holding Co., Ltd. with ¥200 million strategic investment early in November.
Wuzhoulong Motors, as one of the leading new energy vehicle makers in China, owns NEV and power battery subsidiaries in Chongqing, Shenyang and Jieyang city in China. Products of the company cover hybrids, electric, fuel battery, and clean energy buses as well as diesel engine buses and special-purpose medical vehicles. Customers of Wuzhoulong include over 20 provinces and cities in the mainland, Hong Kong and Macao, and 40 countries in the Middle East, Latin America, Africa and Asia-Pacific regions.