China’s Xusheng Jumps on Winning USD1.1 Billion EV Project Nomination From North American Client
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Xusheng Group's shares rose 3.1% after receiving a USD1.1 billion nomination from a North American EV manufacturer. The project involves supplying various car parts over eight years, with production in China and Mexico. While the nomination indicates potential business, it does not guarantee actual orders. This project aims to enhance Xusheng's position in the NEV sector and aligns with its development strategy. The company reported a 7.1% decline in net profit and a 1.4% drop in revenue in the first three quarters of last year.
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