GF Casting Solutions revealed it has contracts to supply lightweight cast components for electric vehicles in China, one of the world’s most dynamic markets for EVs: Chinese planners have set a goal for total annual sales of 2 million EVs and gas-electric hybrid vehicles by 2020, and for manufacturers to have at least have one electronic vehicle in production by 2019.
China's EV market has expanded by 10X since 2014 and is forecast to grow 40% annually in the foreseeable future.
The Swiss metalcasting group — which has an iron foundry at Kunshan, China, and an aluminum and magnesium high-pressure diecasting plant at Suzhou — did not detail the orders, but estimated their total value at $366.3 million and noted they had been placed by both Chinese and European manufacturers.
One of the orders was estimated at $232.6 million, for light metal e-drive components for a new e-vehicle developed by a European OEM. These parts will be produced at the Suzhou plant, beginning in 2019.
GF Casting Solutions explained that 30% of its new orders recorded worldwide during 2018, and more than 50% for orders for Chinese customers, have been for components for hybrid and electric cars.