Mingteng International Forms Strategic Alliance to Advance EV Market
Mingteng International Forms Strategic Alliance with Lvkon
Wuxi, China - Mingteng International Corporation Inc. (the “Company” or “Mingteng International”) (Nasdaq: MTEN) is excited to announce a significant strategic partnership. This collaboration involves its subsidiary, Wuxi Mingteng Mould Technology Co., Ltd., and Suzhou Lvkon Transmission Technology Co., Ltd., a leader in innovative solutions for power transmission systems tailored for electric commercial vehicles. This partnership sets the stage for enhancing both companies' strengths as they venture into the expanding new energy vehicle market.
Focus Areas of Collaboration
Under the newly established strategic cooperation framework, Mingteng International and Lvkon have set clear goals for their collaboration. Their focus will include advanced mold design and production along with a seamless delivery of new energy aluminum alloy components. This alliance is crafted to promote primary cooperation in die-casting and molds supply, ensuring that both parties deepen their engagement via enhanced communication and sharing of industry insights.
Comments from Leadership
Mr. Yingkai Xu, the Chairman and CEO of Mingteng International, expressed his enthusiasm about the agreement, stating, “We are thrilled to establish a full-scale strategic partnership with Lvkon, an entity known for its remarkable contribution to the new energy heavy-duty truck sector. Recent industry reports cite that Lvkon achieved impressive market shares, securing 19.1% in the new energy heavy-duty truck motors sector. The medium-duty sector saw a 26.4% share, showcasing their leading market presence.”
He further elaborated that as the new energy passenger car market experiences rapid growth, the commercial vehicle segment also holds substantial opportunities. This growth is fueled by strong governmental support and a collective push toward carbon emission reduction. In light of this, Mingteng International and Lvkon are leveraging their combined strengths to seize new opportunities. Currently, around 9% of Mingteng International’s earnings are attributed to Lvkon, prompting both companies to ramp up efforts in new product development, with a goal to double their orders in the future.
Overview of Suzhou Lvkon Transmission Technology
Suzhou Lvkon Transmission Technology Co., Ltd. is a frontrunner in innovative solutions aimed at the power transmission systems for new energy commercial vehicles. Founded in 2011, this company boasts five core technologies related to the design of electric driving assemblies tailored for electric vehicles, innovative control strategies, and the production of specialized gear systems and motors. Lvkon's independence in designing and producing essential components reflects its commitment to the automotive innovation landscape.
Mingteng International’s Commitment to the Future
Mingteng International Corporation Inc. is dedicated to providing high-quality automotive mold development and solutions. The company focuses on creating molds used in various auto parts, including turbocharger systems, braking systems, and steering components. With its production facilities located in Wuxi, the company aims to deliver a comprehensive and personalized mold service that addresses diverse industry needs, reflecting a long-term vision toward innovation in the automotive sector.
The company’s expertise is not limited to traditional automotive components; it also produces specialized molds for new energy vehicle systems, which have become increasingly vital as the industry moves towards sustainable solutions. These advancements illustrate Mingteng International's role in shaping a greener future in vehicle manufacturing.
Frequently Asked Questions
What is the strategic partnership between Mingteng and Lvkon about?
The partnership focuses on enhancing mold design, production, and delivery of components for new energy vehicles.
What market segments are Mingteng and Lvkon targeting?
They are concentrating on the new energy commercial vehicle market, particularly heavy-duty and medium-duty trucks.
How significant is Lvkon's market presence?
Lvkon holds 19.1% market share in heavy-duty trucks and 26.4% in medium-duty, showcasing its leadership in the sector.
What are Mingteng's core products?
Mingteng specializes in automotive mold development, including molds for turbocharger systems and new energy vehicle components.
How does this partnership benefit Mingteng?
The partnership aims to double total orders by enhancing product development and leveraging collective market strengths.
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