Strategic Cooperative Agreement between FDG Electric Vehicles and CEA Group Realizing Electrification of the Vehicles Used in Civil Aviation Industry

May 25, 2015 21:38 JST

HONG KONG, May 25, 2015 - (ACN Newswire) - FDG Electric Vehicles Limited ("FDG Electric Vehicles", "FDG" or the "Company", together with its subsidiaries the "Group"; stock code: 00729.HK) is pleased to announce that the Group and CEA Development Co. Ltd Company ("CEA Development") held a signing ceremony on the strategic cooperative agreement at the meeting of the Management Committee of Hangzhou Yuhang Economic and Technological Development Zone on 22 May 2015 and signed the Strategic Cooperative Framework Agreement. Government officers, including Chen Jin Sheng, a member of the Standing Committee of Yuhang District and Secretary to the Committee of Yuhang Economic and Technological Development Zone; Cao Zhong, chairman of FDG Electric Vehicles; Xu Ping, the chairman of CEA Development and Party Committee Secretary and the mass media from various circles from the community were invited to the ceremony.

The Strategic Cooperative Framework Agreement signed between CEA Development and FDG Electric Vehicles involves the upgrade and transformation of special vehicles operating with new energy for use in the civil aviation industry to a new generation and to professional and electric ones, including the application, joint development and manufacture of the chassis. The promotion of FDG's electric vehicles in the civil aviation industry and the charging battery facilities for electric vehicles at airports are key projects under the strategic cooperative relationship for FDG Electric Vehicles to expand in the new energy vehicle market as well as a big step for CEA Development to innovative development. The cooperation between both parties fully demonstrates the strategic ideas for mutual advantages, innovative development and a win-win situation.

FDG Electric Vehicles, a listed company on the Main Board of Hong Kong Stock Exchange, engages in an emerging strategic business of promoting pure electric vehicles within the entire industry chain. FDG's main production plant in Hangzhou is located in Yuhang Economic and Technological Development Zone with an annual production capacity of 100,000 pure electric vehicles, including mid-sized coaches, commercial vehicles and passenger vehicles, and chassis of special vehicles. The Group owns the absolute rights of the self-development and intellectual property for its core technologies used on the core components and parts of electric vehicles, such as wheel dual-motor drive axle, electric-controlled system, power battery and battery control system, and the technologies are state-of-the-art and reach international standard. The production plant in Hangzhou is equipped with five intelligent workshops for stamping, welding, painting, assembly and electric control, testing lines for finished vehicles, test tracks and a technology center. This solidifies FDG's pioneering position as commented by "Made in China 2025".

Mr. Cao Zhong, the chairman of FDG Electric Vehicles Limited, stated "The construction of the production plant in Hangzhou has completed and will be put into operation soon. Along with the implementation of the strategic cooperative agreement, CEA will bring the ground support equipment business under the civil aviation industry to a new generation of energy saving and environment protection. The pure electric vehicles produced by FDG Electric Vehicles will definitely turn a new page for the wide use of electric vehicles in the civil aviation industry. "

About CEA Development Co.
China Eastern Airlines Corporation Limited is one of the three state-owned backbone aviation transportation groups in China with great influence within the civil aviation industry of China. CEA Development is the wholly-owned subsidiary and a core member of CEA Group that engages in seven businesses (airplane maintenance, business hotel, equipment manufacturing, vehicle repairs, IT, aviation services and property management) in four main industries (hotel, manufacture & repair, property and integrated industries). In recent years, CEA Development has been proactively striving for the upgrade and cooperative relationships within the industry on innovative technology and energy saving and environment protection.

About FDG Electric Vehicles Limited
Listed on the Main Board of HKEx (stock code: 00729), FDG Electric Vehicles Limited ("FDG") is a vertically integrated electric vehicle manufacturer engaged in electric vehicle, lithium-ion battery and electric vehicle leasing business. The Group engages in independent R&D, design and production of electric vehicles such as coaches, medium and minibuses, commercial vehicles, SUVs and other models, and in the R&D, production and sale of lithium-ion batteries as well as the provision of leasing service of electric vehicles.

For further information about products and business of FDG, please visit the Group's website at http://www.fdgev.com.

Sectors: Daily Finance