On August 5, 2022, Wolong Electric Drive responded to investors’ questions in SSE eInteractive, stating that “the company provides robot production lines for Tesla”. In order to avoid misleading investors, Wolong Electric Drive issued a clarification announcement on August 7.
According to the content of the announcement, in response to the above matters Wolong Electric Drive clarified and made the following risk tips.
First, the company’s main business is motor and control, power supply battery, photovoltaic energy storage, etc., of which the motor and control business is mainly divided into industrial motor and drive, daily use motor and control and electric transportation. The company provides equipment automation industry system solutions for Tesla, and the related business only involves the industrial robot category, accounting for a small proportion of the company’s overall business. The relevant products are supplied to other customers in addition to Tesla. The specific business is mainly carried out by Soluzioni Idustriali Robotizzate S.p.A. (“SIR”), a subsidiary of the Company. As of the date of this announcement, the Company indirectly holds 94.81% of SIR’s shares.
Since 2017, the cumulative order amount received by SIR from Tesla does not exceed 0.5% of the Company’s operating revenue in 2021 (according to the exchange rate on the day before the date of disclosure announcement), which accounts for a relatively small scale of the overall business and has a relatively small impact on the operating performance of the listed company.
Information shows that Wolong Electric Drive’s main businesses are motor and control, power battery, photovoltaic power plant and trade, of which the main products are high-voltage motor and drive, low-voltage motor and drive, micro motor and control, battery and trade. It has established R&D centers for motors and drive control in China, Europe and Japan respectively, and set up a central research institute in Shanghai to establish a unified product R&D platform for its leading products.
