China Zhongwang enters supply chain for Jaguar Land Rover
Source:Cfbond 2018-10-09 20:40
By Xie Fang
China Zhongwang, a world-leading fabricated aluminium products developer and manufacturer, announced Monday that it has entered into an agreement with the British automaker Jaguar Land Rover.
The company will provide the automaker's British plant with quality extrusion aluminium products as a Tier-1 supplier, according to the report by The Paper.
The relationship is the first cooperation between the two companies, and marks the first foray of China Zhongwang into the supply chain of a foreign automaker.
"With its solid strength, the company has become a Tier-1 supplier to Jaguar Land Rover, which marks another significant achievement in exploring high-end applications of aluminium," said Lu Changqing, chairman and president of China Zhongwang. "China Zhongwang's advantage lies in its comprehensive research and development (R&D) capabilities, its production capability covering the entire production process, and its thorough quality control system, which ensure that its product performance meets the highest standard in the industry."
With its one-stop solutions in design, R&D, production and assembly, the company has developed and supplied a variety of aluminium solutions for a number of well-known Chinese automakers. It is, for instance, the exclusive supplier of the aluminium-intensive car body for both Chery's electric car "eQ1" model, and "QiantuK50", the electric sports car newly-launched by CH-Auto Technology this August.
Founded in China's northeastern province of Liaogning in 1993, China Zhongwang is now the world's second largest extrusion aluminium products manufacturer.
The company's financial statements show that it generated a total of 9.33 billion yuan (1.35 U.S. billion dollars) in revenue during the first half of 2018, a year-on-year growth of 27.4 percent. Its gross profit also rose by over 20 percent from the previous year to 2.96 billion yuan (427.46 million U.S. dollars) during the same period.
It is worth noting that more than half of its revenue for that period came from the sale of its aluminium alloy templates.