A new alternator contract worth approximately $32 million has boosted Wonder Auto Technology, Inc.'s projected total sales for 2008 over US$140 million. The company, a manufacturer of automotive electrical and suspension parts based in China, recently announced the new contract, which will supply approximately 800,000 automotive alternators to a Shanghai-registered international auto parts procurement center over the next three years. All alternators supplied through this contract are expected to be exported overseas to a major global automotive manufacturer.
"This contract marks one of the most exciting milestones yet in the current stage of Wonder Auto's continuing growth," says Qingjie Zhao, the company's chairman and CEO. "Our selection to supply this major global auto parts center is another indicator of our growing reputation for delivering high-quality, cost-effective products in large quantities. This new contract complements our recent agreement to supply the European aftermarket and the opening of our Detroit office as we position Wonder Auto as an emerging force in the global auto parts marketplace."
Zhao anticipates that the new supply contract, combined with all of the company's existing contracts will increase anticipated sales for the coming year, leaving the company with more than $20 million in net income. Wonder Auto's guidance for the year to end Dec. 31, 2007 is for sales to exceed $100 million with net income of more than $13.5 million. Wonder Auto has already sent the initial 1,000 alternators in the contract to the international auto parts customer and received payment.
For more information about Wonder Auto Technology, Inc., visit the company's Web site.