Wonder Auto Tech (WATG) To Develop Electric Cars In Danyang China

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01:39:30 pm on April 12, 2010

Under the Danyang City Electric Car Mandate, Wonder Auto Tech (WATG) has been selected to spearhead an electric vehicle project in Danyang City and will be responsible for manufacturing, developing and supplying Wonder Auto branded EV taxis, buses and electrical car components as well as electric charging stations around the city and neighboring regions. 

Danyang City is an important auto hub in China and has ambitions to become EV central in China.  The city will support Wonder Auto and help to advance its goals by providing land, human resources, policy support and funding during this pilot project.  Last year, Wonder Auto was selected for a similar project in the city of Jinzhou where the company is headquartered.  This win expands the company’s reach and may help the company win similar projects in other cities around China.  No word on the financials of this deal.

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WATG CEO Qingjie Zhao commented:  “Wonder Auto is pleased to announce this landmark agreement with Danyang City. This mandate commemorates Wonder Auto’s commercial entry into the early, growing electric vehicle market in China. Wonder Auto sees significant growth potential as it continues to roll out its electric car initiatives in cooperation with municipal governments in China. Wonder Auto is committed to successful implementation to drive business growth in electric vehicle business.”

Shares of WATG are up nearly 2% today and working on the carving out the right side of a new base.  It’s cleared resistance of both the 50 and 200 day moving averages in the past month. 

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I think that making EV taxis and busses is a step in the right direction, in terms of promoting a cleaner environment.

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