HONG KONG, Dec 1, 2022 - (ACN Newswire via SEAPRWire.com) - It was recently known to us that Wuling Motors (00305. HK) had completed the capital increase into Wuling New Energy. Wuling Motors, capitalized from the restructuring as an important participant, will expedite its in-depth deployment in the field of new energy vehicles in promoting a robust and comprehensive development in the new energy business.After the restructuring, Wuling New Energy would integrate the resources from the group companies of Wuling Motors and focuses on R&D, manufacturing, and sales of new energy vehicles. According to public information, Wuling New Energy has a respectable performance in the domestic market. At present, it has the second-largest market share in the market segment of new energy logistics vehicles. The plug-in hybrid new model G200, for the commercial and multi-purpose segment market, is expected to be launched in early 2023. As regards the international market, Wuling New Energy also performs well. On 2 September 2022, Wuling New Energy delivered a pure electric logistics vehicle prototype to Japanese clients and successfully entered into agreement for mass production. The pure electric logistics vehicle is expected to commence mass production by the end of April 2023 with a target sale volume of 100,000 vehicles in five years.Not long after Wuling New Energy appears in the public eye, good news continues to come out. It can be seen that the integration of prime assets and resources has given Wuling New Energy a solid operating foundation. Relevant resources revealed that Wuling New Energy products have already developed a product pipeline with a batch of products being launched or ready to be launched to the market, a batch of products under research and development, and a batch of products under the design and planning process. In essence, a spectrum plan of products has been initially constructed, which could allow Wuling New Energy to capture the tremendous future market potential under this promising environment for the new energy vehicle industry. It is worth mentioning that, according to the Letter of Intent relating to the capital injection project to Wuling New Energy released in December 2021, Wuling Motors has intention to become the controlling shareholder of Wuling New Energy by further capital increaser based on its development. Given that Wuling Motors and Wuling New Energy are both subsidiaries of the Guangxi Automobile Group, the development would be sensible if further capital increase can bring long-term benefits to both parties. Overall, with the ample business opportunities provided by the new energy vehicle business, the close cooperation between Wuling Motors and Wuling New Energy in promoting business bestowed upon their own strengths and capabilities will be beneficial to the business operation and development of both. It can be expected that the better Wuling New Energy develops, the more opportunities and sustainable benefits Wuling Motors can enjoy.Indeed, since Wuling Motors announced its restructuring plan in December 2021, it has attracted great attention from the market. According to the relevant news, a smooth kick start of the operation of Wuling New Energy would bring about favourable market responses, which in turn would benefit Wuling Motors from realizing its business strategic layout with promising growth potential. Furthermore, completion of the restructuring would also allow Wuling Motors Industrial Company Limited to transfer the related R&D expenditure on new energy vehicles to Wuling New Energy, from which the R&D costs would be substantially reduced and resources and energy could be more effectively deployed in developing more competitive core component products. At the same time, Wuling Motors Industrial, being a strategic key supplier to Wuling New Energy, together with its keeping of the export business will continue to serve as a solid and steady growth driver in contributing to the business performance of Wuling Motors.Essentially, Wuling Motors has already actively expanded the new energy parts industry, including various types of new energy electric rear axles, motors, electronic controls, hybrid power systems, and other products. Sales volume of electric motors and electronic controls has just exceeded the volume of 10,000 units. Recently, Wuling Motors Industrial has also celebrated the milestone of the production of the one-millionth car-axle component for new-energy vehicle, impressively making it the first enterprise in China in reaching the 1,000,000 units of the miniature integral electric rear axle in less than three years period. In terms of hybrid-power systems, Wuling Motors has successfully developed its hybrid power system products for new energy vehicles, achieving a reduction in fuel consumption of more than or equal to 30% as compared with the same type of traditional fuel power vehicles. The high thermal efficiency Atkinson engine was first mass-produced in April this year, and shortly after the high-efficiency and cost-effective HEV hybrid powertrain was also mass-produced in June, which signified an important step in the transformation and upgrades from traditional fuel vehicle power to new energy vehicle hybrid power. It can be seen the profound R&D and innovation capabilities and strong production and manufacturing capabilities of Wuling Motors would undoubtedly enable it to become a key and well-deserved strategic supplier to Wuling New Energy.The participation of Wuling Motors in the restructuring of Wuling New Energy has not only accelerated the strategic layout of the new energy vehicle field, but also allows Wuling Motors to be more focus on the research and development of automotive components for the new energy vehicles, which represents virtually a full coverage of the entire industry chain of new energy vehicles.Wuling New Energy is now integrated with the prime assets and resources of the group companies of Wuling Motors for enhancing its strengths in the field of new energy vehicles, while the re-positioned Wuling Motors in the new energy business segment is also fully charged with power. The road ahead could be a new era of growth and development. On the back of the favourable government policies with huge market opportunities for grasping, we would wait and see whether Wuling Motors can be succeeded in beating the targets when turning this corner of the race track. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
HONG KONG, Aug 26, 2022 - (ACN Newswire via SEAPRWire.com) - On August 24, Wuling Motors (00305.HK), a Hong Kong-listed company, released its 2022 semi-annual performance report.In the first half of 2022, Wuling Motors achieved an operating income of 6.275 billion yuan, a year-on-year decrease of 12.4%; a net loss of 139 million yuan, a substantial increase over the same period 2021. During the period, affected by the international situation and the frequent outbreak of the epidemic, the Chinese auto market was still in an adjusted recovery period. The revenue of each segment of the company declined to various degrees, because of the continued high price of raw materials and shortage of auto chips.In terms of revenue structure, Wuling Motors' revenue comes from four departments: the automotive power system, auto parts & other industrial services, commercial vehicles (including new energy vehicles), and others. The auto parts department is still the company's largest source of income. In the first half of the year, apart from SAIC-GM-Wuling, the auto parts department promoted products to other customers, such as Great Wall Motor, Foton Motor, Chery Automobile, Dongfeng Xiaokang, etc. During the period, sales increased slightly compared with the same period of 2021, and sales to these customers accounted for approximately 32.6% of the total revenue of the department. Wuling Motors continuously improved the single structure of customers and realized business diversification.During the period, the automotive power system department sold approximately 109,000 engines in the first half of 2022, a slight increase of approximately 3.9% over the same period of 2021; sales to the core customer SAIC-GM-Wuling increased by 25% over the same period in 2021. However, due to the tough business environment, the selling price of the engine was low and the sales revenue decreased.In terms of commercial vehicle business, in addition to new energy vehicles, Wuling Motors continued to deepen the market segment of modified vehicles and non-road vehicles. In 2022 H1, the sales volume of conventional modified vehicles was 28,519 units, which made Wulin Motors continue to be one of the leading suppliers in the micro-cargo modified market segment; the sales volume of non-road vehicle business reached 1,974 units. It is worth mentioning that the pure electric logistics vehicle independently developed by Wuling Motors has been rapidly increasing since its launch in 2020. In the first year, the sales volume was about 4,700 units. In 2021, the annual the sales volume has exceeded 10,000 units. In the first half of 2022, domestic sales of new energy vehicles reached 7,896 units, a year-on-year increase of 57%. The pure electric logistics vehicle has been recognized by the market, which also verifies that Wuling Motors can manufacture complete vehicles. In addition, Wuling Motors has the manufacturing experience of auto parts, the ability to control the supply chain, and the ability of lean production. In the future, Wuling Motors may make overall arrangement on the entire industry chain of new energy.According to the announcement, the Hubei Jingmen production base built by Wuling Motors for in-depth cooperation with Great Wall Motors will be put into production in the second half of 2022. Meanwhile, Wuling Motors' auto parts division department has successfully manufactured new products such as front & rear axles of Chery Automobile and SAIC Maxus, and actively approached new business opportunities with other target customers, providing new growth drivers for the company.What is more worth mentioning is that Wuling Motors strategically participates in the restructuring of Wuling New Energy to accelerate the expansion of the new energy vehicle industry and meets the powerful opportunities in the new energy vehicle market segment. Wuling Industry will sell the original patented technology of new energy vehicles to Wuling New Energy, and the relevant R&D expenses will be transferred to Wuling New Energy after the completion of the reorganization, which can effectively reduce subsequent R&D expenses and increase profits. Meanwhile, Wuling Industry, as a strategic supplier of Wuling New Energy, will continuously bring stable growth points for the company's performance as Wuling New Energy develops.According to public information, since August, Liuzhou and Wuling Industry, Shandong Branch have linked multiple production lines to keep producing, seize the time to ensure production, and support several new energy vehicle models from many car companies. The monthly output continues to rise and is expected to exceed 70,000 units. It is expected that the company's profitability will grow in the second half of the year. In addition, Wuling Motors stated that the increase in R&D expenses of new business projects related to new energy vehicles and components also adversely affected the company's earnings performance. In 2022 H1, the company's R&D investment is 191 million yuan, a significant increase of 61.9% year on year. The company will continue to increase investment in research and development, enrich product lines, and enhance brand influence to increase sales of new energy power systems, auto parts, and commercial vehicles.Overall, although the operating performance of Wuling Auto's semi-annual report has declined, the logic is very clear. Wuling Motors invested a large number of funds in the product research and development of new energy components and new energy vehicles, and actively deployed the new energy vehicle field to seize the opportunities for rapid development of the industry. Wuling Motors is moving forward with energy. After Wuling Motors having gone through a painful period of transformation, the company's future can be expected. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
HONG KONG, May 23, 2022 - (ACN Newswire via SEAPRWire.com) - On May 13, Guo Yanhong, the supervisor of the Medical Administration and Hospital Authority of the National Health Commission, said that it is beneficial to establish COVID testing stations within a 15-minute walk in big cities for people to carry out COVID test nearby at the press conference of the Joint Prevention and Control Mechanism of the State Council. In this context, "normalized COVID testing" and increasing the number of COVID testing places have become one of the key tasks of epidemic prevention and control.According to the official account of Wuling Motors (00305.hk), a Hong Kong-listed company, Wuling Industry, a subsidiary of Wuling Motors Holdings Limited, acted quickly to help build COVID testing stations within 15 minutes of walking in response to the call of 'dynamic zero-COVID' policy and 'normalized COVID testing' policy. In two days, Wuling Industry completed the design of the COVID testing car. After contacting relevant people of Wuling Motors, the second-generation Wuling COVID testing car will be put on sale at the end of May. It is now accepting reservations, and the sales consultation call is bursting. Also, Wuling Motors related people shared with us the design drawings of the second-generation Wuling COVID testing car, which continues the consistent style of the national car. The second-generation Wuling COVID testing car is supposed to be flexible, affordable, convenient, and user-friendly. According to relevant sources, the estimated standard price of the first batch of the second-generation Wuling COVID testing cars will not exceed 100,000 RMB, and the specific price will vary according to the configuration status of the model.According to the data of the National Coronavirus Detection Information Platform, as of May 11, 2022, there had been 13,000 medical and health institutions and 153,000 technicians providing COVID testing services across the country, with a total testing capacity of nearly 57million tubes per day. Tens of thousands of "Dabai" across the country have contributed to fighting against the epidemic diseases. However, there is no doubt that COVID testing points are high-risk areas, which makes countless "Dabai" face the virus directly. In addition, "Dabai" need to wear protective cloths outdoors at high temperatures in summer. High frequency is required to the testing work. Wuling Industry timely launched the second generation Wuling COVID testing car with air conditioning to improve the safety factor of "Dabai" in work and solve the problem of "Dabai" working at high temperature in hot summer.It is reported that Wuling Industry has quickly remodeled a batch of COVID testing cars and put them into use in Fujian, which brings convenience to the people of Shishi City, Fujian Province. Wuling Industry's COVID testing cars make COVID testing accessible to every person within 15 minutes of walk, serve the people with whole hearts, and ensure that all those in need are tested.In order to provide a safer, faster, and more comfortable environment for testers, Wuling Industry quickly launched an upgraded product, the second generation Wuling nucleic acid testing car. The second generation Wuling nucleic acid testing car can take 4-6 staffs and serve two persons at the same time. It is equipped with functional facilities, such as closed sampling cabin, air conditioning and ultraviolet disinfection,etc, to meet the needs of sampling, transferring samples and terminal disinfection in the whole testing process. The staff can adjust the temperature in the car without being infected and work more comfortably as if they are indoors, which not only ensures their safety, but also improves the work efficiency.It has been more than two years since the global epidemic. COVID testing plays an important role in epidemic prevention and control across the country, as it enters the fourth stage of "dynamic zero-COVID policy" of all-round comprehensive prevention and control. In the post epidemic era, COVID testing is normalized. The COVID testing car can better serve the people and testing work. COVID testing car will be closely related to our daily life. It is worth mentioning that Wuling Motors once again accurately launched the "car people need". The successful establishment of COVID testing car in the front line of epidemic prevention and supply can help quickly realize the layout of temporary testing points and the integrated operation of reagent and sample delivery and collection, further improve the efficiency and epidemic prevention safety of COVID testing. Wuling Motors will become one of the solid forces in building the 15-minute-of-walking COVID test station.The concept of COVID testing car is superimposed. In the past few days, it is reported that a new round of "cars to the countryside" policy is expected to be introduced in early June. On May 17, 2022, affected by favorable policies, the passenger car stocks with the concept of nucleic acid testing car all rose sharply to varying degrees, while Wuling Motors (00305. HK) in Hong Kong stocks rose by 25% in heavy volume. Will Wuling Motors, with 20 years of experience in producing special-purpose cars, usher in a new trend and surprise us? Copyright 2022 ACN Newswire. 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HONG KONG, Apr 4, 2022 - (ACN Newswire via SEAPRWire.com) - On March 31, Wuling Motors Holdings Ltd. (hereinafter referred to as "Wuling Motors" or the "Company", 00305. HK) released the "Disclosable Transactions and Related Party Transactions and Continuing Related Party Transactions Regarding the Capital Increase of Wuling New Energy". Wuling Motors, Guangxi Automobile Group, Wuling Industry, and Wuling New Energy entered into a capital increase agreement, under which Wuling Motors agreed to make a cash contribution of RMB 305.6 million to Wuling New Energy and Wuling Industry conditionally agreed to use the new energy that Wuling Industry is currently engaged to contribute RMB 300 million to Wuling New Energy in the form of certain business-related assets and equipment (valued at RMB 85 million) and cash of RMB 215 million, part of which was used by Wuling New Energy for the transfer of patent packages from Wuling Industrial and the purchase of inventory and tooling mold, the employee stock ownership platform invested 80 million yuan.According to the agreement of the letter of intent, Guangxi Automobile and Wuling New Energy have entered into the first-phase capital injection contract, under which Guangxi Automobile will contribute RMB 1.6 billion to Wuling New Energy. After the completion of the capital increase, Wuling New Energy will be owned 70%, 13.37%, and 13.13% by Guangxi Automobile Group, Wuling Motors, and Wuling Industry respectively. It should be pointed out that Wuling Motors announced on December 1, 2021, that within 365 days after the completion of the third phase of capital increase Wuling Motors has the right to choose to further subscribe to new equity interests in Wuling New Energy and increase its shareholding ratio to 50% above.According to public information, Wuling Motors (00305. HK) is one of the top 100 global automobile parts suppliers. Its controlling shareholder is Guangxi Automobile Group. The operation is mainly carried out by the subsidiary holding company Wuling Industry, of which Wuling Motor holds a 60.9% stake in Wuling Industry. Guangxi Automobile Group holds 39.1% of the shares of the Wuling Industry, and Wuling New Energy, the invested party, is a wholly-owned subsidiary of Guangxi Automobile Group.Strategically integrate resource advantages to enhance cluster competitivenessGuangxi Automobile Group, the parent company of Wuling Motors, actively integrates ecological cluster of its subsidiaries Wuling Motors and Wuling Industry, and plans to build Wuling New Energy into an automotive technology company focusing on cost-effective pure electric and plug-in hybrid new energy intelligent travel products, improve the construction of the industrial chain, cultivate and develop new economic growth points, and enhance the comprehensive competitiveness of the group. It is reported that Guangxi Automobile Group will afterward inject approximately RMB 1.6 billion in non-cash assets and/or cash into Wuling New Energy, which includes a new production base located in Liudong New District, Liuzhou City. The base covers an area of about 550,000 square meters with a planned production capacity of 300,000 vehicles per year, effectively increasing the production capacity of the new energy business and providing good business support for the development of the new energy business. According to industry insiders, this move by Guangxi Automobile Group is to thoroughly implement the decision-making and deployment of the mixed-ownership reform policy of the State-owned Assets Supervision and Administration Commission, to adapt to changes in the market environment in terms of technology and product structure and to enhance the development vitality of state-owned enterprises.After this asset reorganization, Wuling New Energy will achieve the independent operation of a range of new energy businesses, including new energy vehicle research and development, manufacturing, and sales. It helps complete the direct connection with the capital market, expand diversified and multi-level financing channels, improve financing flexibility, and expand space for capital operation.For Wuling Motors, at the business level, by investing in Wuling New Energy, it may benefit from Guangxi Automobile Group's new energy vehicle business resources, make up for the insufficient production capacity of the Wuling Industry, and enhance the market competitiveness of the company in the field of new energy vehicles. According to the announcement, the target production of Wuling New Energy in 2022-2024 is 20,600, 55,000, and 85,000 individually. In the current environment where the development of new energy vehicles is promising, Wuling New Energy's future performance expectations are worth looking forward to.It is worth mentioning that, according to the announcement, the patented technology of new energy vehicles, held by the original Wuling Industry, will be sold to Wuling New Energy, and the research and development expenses of the original new energy vehicle business will also be transferred to Wuling New Energy after the completion of the reorganization. This will effectively reduce the follow-up research and development expenses of Wuling Motors, and the net profit of Wuling Motors may improve in the future. The announcement stated that entering into the capital increase agreement with Guangxi Automobile and Wuling Industry will help Wuling Motors build a new energy vehicle business segment with a unique platform and specific business strategy, which will be beneficial to the long-term development of Wuling Motors' new energy vehicle business.With the policy support, Develop new energy vehicle industry In 2020, China proposed the goal of "Carbon Peaking by 2030 and Carbon Neutrality by 2060". Following last year's "Double Carbon" written into the government work report for the first time at the Two Sessions, this year's government work report once again put forward clearer requirements to encourage the promotion of energy living in the process of implementing carbon peaking, which will undoubtedly further stimulate the development of new energy vehicles.As a critical participant in the production and consumption market of new energy vehicles, Wuling Motors closely follows the national "dual carbon" target policy and market trend, takes the lead in the new energy vehicle industry, and continues to invest in R&D and production capacity. From automobile parts to complete vehicles, from product development to manufacturing capabilities, Wuling Motors has been anchoring the new energy market for technical reserves and capacity building, and has gradually formed the domain axis of the new energy vehicle business and the main growth point for future performance.According to public information, Wuling Motors actively researches and reserves new energy power technologies and products, such as hybrid engines and pure electric vehicle motors, adds core development capabilities for the new energy vehicle power system integration, and accelerates the pace of industrial application.At present, Wuling Motors has successfully developed new energy vehicle hybrid products. It reduces fuel consumption by greater than or equal to30% compared to traditional power vehicles of the same type, becoming the first supplier which can integrate hybrid power with an engine-motor-motor controller system in Guangxi. It has matched with multiple models of OEMs inside and outside the region. It also has coordinated the technological innovation and development of the upstream and downstream for the electrification of OEMs.While improving the market segment layout with new energy commercial vehicles as the leading products, Wuling Motors seeks to "go global" and actively explores a new model of domestic ODM + overseas travel cooperation. In 2021, Wuling Motors and ELMS has reached an in-depth collaboration. The overseas order industry has formed an emerging growth bright spot. On January 1 this year, RCEP officially took effect, marking the official launch of a free trade zone with the largest sizable scale, largest population and greatest development potential in the world. It will also be a critical historical opportunity for Guangxi Automobile Group's industrial transformation and upgrading. In the same month, Guangxi Automobile Group signed the "Agreement on the Commissioned Development and Mass Production of Micro Electric Logistics Vehicles" with Japan's ASF Company to jointly develop pure electric logistics vehicles. The electric logistics vehicle is small in size and flexible in mobility. It matches multi-purpose scenarios such as "last mile" logistics and transportation. It can be applied to short-distance transportation of goods for local small and micro enterprises in Japan, and terminal logistics distribution in cities, towns, communities, and supermarkets.2022 is a critical year for the new energy vehicle industry. Wuling Motors has outstanding competitive advantages in the upstream and downstream supply chain, core technology, production capacity, production base, and sales network. With the gradual deepening of the new energy strategy and resource depth focusing on integration, Wuling Motors' brand power and valuation system are expected to be restructured. 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