Borqs’ acquisition target, KADI, received clearance from customer for commercial production of its electric vehicle control modules
Borqs Technologies, Inc. - Ordinary Shares (BRQS)
US:NASDAQ Investor Relations:
borqs.com/investors-relations
Company Research
Source: GlobeNewswire
SANTA CLARA, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (the “Company”) today announced that its acquisition target, Shanghai KADI Machinery Technology Co., Ltd. (“KADI”) has received clearance from an end-user for production and delivery of its electrical vehicle (“EV”) control modules. The end-user is Dong Feng Motors Group’s Super Dragon Electric Bus Program (“Dong Feng Bus”), which tested samples from KADI over a 6-month period, and on April 28, 2018 cleared KADI to deliver the products beginning in May 2018. Such products represent about 10% of a RMB 320 million supply contract (equivalent to US$50 million at the current exchange rate) for EV control modules to be delivered over a two-year period, awarded to KADI by the automotive contractor – Shenzhen Espirit Technology Co., Ltd. KADI’s control module designed for Dong Feng Bus is a 3.0KW DCDC converter that converts from a high voltage of 540V to a low 24V for use in steering control, air conditioni
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