ZF Friedrichshafen AG and Wolong Electric Drive Group in China have signed a related agreement to establish a joint venture company specializing in the production of automotive special motors and their components, which will further enrich ZF's products The series also marks a strategic upgrade of cooperation between the two parties.
Dr. Holger Klein (left), member of the board of directors of the ZF Group and president of Asia Pacific and India (left), and Chen Jiancheng (right), chairman of Wolong Holding Group
Jörg Grotendorst, head of the ZF Electric Drive Division, said: "The cooperation with Wolong Group, an important motor and component group in the Chinese market, is a key step in continuously deepening ZF's electric drive strategy. The establishment of the joint venture company will help us to extend the supply chain in the motor field to its related components, and we can better serve customers and suppliers in China. "
The name of the joint venture company will be "Wollong ZF Automotive Motor Co., Ltd.", and its motors and components will be used in ZF drive systems and can also be supplied to other customers in the market. ZF and Wolong Electric signed a large order for the production of motor components for hybrid and electric drive systems, marking the further deepening of the cooperation relationship between the two parties. The motors produced by the joint venture will contribute significantly to reducing carbon dioxide emissions in the road transportation sector.
Jörg Grotendorst (third from left), head of ZF Group's electric drive business unit, and Chen Jiancheng (second from left), chairman of Wolong Holding Group; Wu Jianbo (first from left), financial director of Wolong Electric Drive Group; and ZF Dr. Ye Guohong (first from right), vice president of the Asia-Pacific region of the electric drive division, signed the agreement.
The joint venture company is headquartered in Shangyu, Zhejiang. With the advantages brought by joint procurement, it will be the first to prepare for future market needs and support ZF's continued development of the Chinese market. By 2025, the joint venture is expected to employ up to 2,000 employees.
Dr. Holger Klein, member of the board of directors of the ZF Group and president of the Asia-Pacific and India region, said: "This time we decided to deepen cooperation with Wolong Electric Drive Group, a successful Chinese company, to set up a joint venture company to produce automotive special motors. EF's long-term investment in China demonstrates our determination to contribute to the electrification and sustainable development of the Chinese automotive industry. We will become more agile and able to provide timely and efficient localization services to customers in China. "
Chen Jiancheng, Chairman of Wolong Holding Group, said: "We believe that new energy vehicles will occupy a large share of the future market, so this will bring unprecedented development opportunities for both of us. The joint venture with ZF is A key step to seize this opportunity, the establishment of the joint venture aims to provide ZF and other customers in the market with motors and their components. We hope that in the near future, this joint venture will develop into a new energy automotive motor field. Global leader. "
As early as January 2016, ZF established the Electric Drive Technology Division in Schweinfurt, Germany, to start the electric drive business. Currently, the business unit has more than 9,000 employees worldwide.