Mingteng International's Subsidiary Entered into Strategic Cooperation Framework Agreement with Suzhou Lvkon Transmission Technology to Strengthen Partnership and Enhance Competitiveness in the New Energy Commercial Vehicle Market
Wuxi, China, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Mingteng International Corporation Inc. (the "Company" or "Mingteng International") (NASDAQ:MTEN), an automotive mold developer and supplier in China, today announced that its subsidiary, Wuxi Mingteng Mould Technology Co., Ltd., or Wuxi Mingteng, entered into a strategic cooperation framework agreement (the "Agreement") with Suzhou Lvkon Transmission Technology Co., Ltd. ("Lvkon") in July 2025, an innovative leading enterprise focusing on the power transmission systems for new energy commercial vehicles in China. This move marks a significant step in enhancing the Company and Lvkon's strategic partnership and boost their competitiveness in China's rapidly growing new energy commercial vehicle market.
Pursuant to the Agreement, both parties agree to focus their collaboration on key areas, including mold design and production and the integrated delivery of new energy aluminum alloy components. The partnership aims to strengthen primary cooperation in die-casting and foundry molds supply and procurement, while fostering deeper engagement through high-level management communication as well as the exchange of industry insights.
Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, commented, "We are thrilled to establish a full-scale strategic partnership with Lvkon. Lvkon has demonstrated outstanding performance in the new energy heavy-duty truck motor market. According to statistic from Tencent News, in the first quarter of 2024, Lvkon secured a market share of 19.1% in the new energy heavy-duty truck motor sector and 26.4% in the medium-duty truck motor sector, maintaining a leading position in both segments. According to the statistics from Evpartner, Lvkon ranked first in the new energy heavy-duty truck motors segment in 2024, with a 14.9% market share. While the new energy passenger car market has expanded rapidly in recent years, the new energy commercial vehicle segment also presents significant growth opportunities—driven by strong government support and rising demand for carbon emission reduction. In this context, Wuxi Mingteng and Lvkon are combining forces to capitalize on these emerging opportunities by leveraging our respective strengths. Currently, Lvkon contributes around 9% of Mingteng International's total sales. With Lvkon expanding its market presence and anticipated order growth, both parties have agreed to substantially increase new product development efforts in the second half of this year, and accordingly, we expect that our total orders are projected to double in 2026 compared to those of 2025, laying a strong foundation for Mingteng International's future growth and accelerating our expansion in the new energy sector."
About Suzhou Lvkon Transmission Technology Co., Ltd.
Suzhou Lvkon Transmission Technology Co., Ltd. is an innovative leading enterprise focusing on the power transmission systems for new energy commercial vehicles. Established in 2011, Lvkon possesses five core technologies, namely, architecture design of electric drive assembly systems for new energy vehicles, control strategy, special gearbox development, high torque density and high-efficiency drive motor, and controller. It has the capability of fully independent design and production of key components such as gearboxes and motors. For more information, please visit Lvkon's website: http://www.lvkon.com/.
About Mingteng International Corporation Inc.
Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company's securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Mingteng International Corporation Inc.
Investor Relations Department
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]
