China's Aotecar New Energy US Unit to Supply HVAC Sets to Mystery US EV Maker
Tang Shihua
DATE:  Mar 25 2020
/ SOURCE:  yicai
China's Aotecar New Energy US Unit to Supply HVAC Sets to Mystery US EV Maker China's Aotecar New Energy US Unit to Supply HVAC Sets to Mystery US EV Maker

(Yicai Global) March 25 -- Air International Thermal Systems, a wholly-owned US unit of China's Aotecar New Energy Technology, will supply heating, ventilation and air conditioning systems and accessories for a famous, but unidentifiable US electric carmaker's new model.

Aotecar projects annual sales of CNY300 million (USD42.5 million), it said in a statement yesterday that omitted the buyer's name, per a non-disclosure agreement.

Its shares [SHE:002239] hit the daily 10 percent price limit this morning at CNY3.92 (0.60 US cents) on the statement.

The subsidiary informed its Nanjing, Jiangsu province-based parent yesterday that it has secured a letter of designated supply for the customer's EV heat pump air conditioner and accessories, which requires the unit's California plant to re-tool to produce the new model-related products, according to the statement, which added the counterpart has confirmed this procurement in accordance with industry practice, the letter related, adding the two will sign subsequent agreements on price and design confirmation, per the statement.

The buyer is a renowned EV maker which owns relatively advanced technologies and enjoys a good reputation in the fields of finished EV manufacturing, batteries and autonomous driving, the statement said.

Michigan-based Air International Thermal became a designated supplier for Tesla's auto air-conditioning products on Nov. 2018 and has set up plants in its home state and in California for the purpose.

Formed in 2000, Aotecar provides automotive air conditioning compressors and air conditioning systems. It is China's biggest scroll compressor producer, China Automotive news reported on its GasGoo website. The company's China unit previously became a designated supplier of AC pumps to Peugeot-Citroën do Brasil in August and Volkswagen India in September.

Editor: Ben Armour

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Keywords:   Aotecar