China’s Dare Surges on USD188 Million Parts Supply Deal With German EV Maker – Yicai Global

February 8, 2022 by No Comments

(Yicai Global) Feb. 8 — Shares in Fuxin Dare Automotive Parts climbed as much as 8.6 percent today after the Chinese car parts supplier said that a unit has won a EUR165 million (USD188 million) contract to supply a German new energy vehicle maker with battery fireproof products.

Dare Automotive’s share price [SHE:300473] closed up 3.45 percent at CNY21.87 (USD3.43). Earlier in the day it had hit CNY22.97. This is despite the Shenzhen stock exchange’s ChiNext board index sliding 4.27 percent.

Carcoustics International will provide the German client, who remains unnamed due to confidentiality reasons, with products to fireproof batteries in order to improve vehicle safety, the Fuxin, northwestern Liaoning province-based firm said.

It is the second deal the Leverkusen-based subsidiary has signed in the last four months following a EUR75 million (USD85.6 million) contract for a similar fireproof product with the Volkswagen Group.

Editor: Kim Taylor



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