Punch Powertrain and XPT sign joint venture agreement for production of Electric Powertrains
On May 18 Punch Powertrain and XPT have signed a joint venture agreement that will establish a new manufacturing plant in Nanjing and will yearly supply hundreds of thousands of Electric Powertrains to customers of both partners.
Industrialization of Electric Powertrains
The joint venture is established for the purpose of producing state-of-the-art Electric Transmissions for Pure EV applications. 10 million euro will be invested in a new production facility in Nanjing, where powertrains of both partners will be industrialized. Design and development of current and future products will remain within the parent companies, for which they both have full capabilities.
To start the cooperation one single speed Electric Transmission by Punch Powertrain and one by XPT will be brought in production beginning of 2019.
XPT is a global startup, based in China, focused on e-propulsion platforms, including Electric Drive Systems and Energy Storage Systems. XPT operates under the car manufacturer NIO, supplying primarily to NIO, but also to other OEMs. XPT has full design and development capabilities for electric propulsion systems. In Punch Powertrain it has found an established partner with broad automotive experience for the industrialization of their transmissions.
Punch Powertrain is an independent supplier of powertrains with over 45 years of experience in development and industrialization. The company has started with CVTs and in recent years expanded its portfolio with DCTs, Hybrid and Electric Powertrains. This JV enables Punch Powertrain to accelerate its electrification rate and to faster scale up its production of Electric Powertrains.
Faster move to electrification
In the past years Punch Powertrain has successfully been implementing its expansion strategy by expanding its product portfolio and establishing a broader customer base on the global market. According to Punch Powertrain’s business intelligence, the move towards New Energy vehicles will happen a lot faster than generally assumed by the ICE-minded automotive community. The company has been taking big steps towards cleaner and electrified drive systems for years, by development of Hybrid and fully Electric Powertrains. In mass production of its fist Electric Powertrain, the company sees a materialization of its strategy.