Yahoo Finance Westport (WPRT) to Invest $10M in China to Expand Footprint
Westport Fuel Systems WPRT plans to make a $10-million investment in building a hydrogen innovation center and manufacturing facility in Changzhou, China. The growing demand for hydrogen-fueled vehicles in China requires hydrogen componentry. The investment will enhance the prospects of the hydrogen componentry business and other alternative fuel system technologies in China.
Westport’s branded hydrogen fuel system components that support fuel cell and internal combustion engine applications have had a strong presence in China for over a decade.
The manufacturing facility will be constructed in Changzhou Hydrogen Valley to meet Westport’s advanced manufacturing requirements. Changzhou is set to become the capital of new energy industries and, hence, an ideal partner to provide manufacturing excellence to serve the growing demand of Westport’s current and accelerating customer base. The contemporary innovation center in Changzhou will focus on hydrogen solutions to support Westport’s mission to develop emission-reduction solutions.
The new facility will be ready to operate by 2024. The facility will manufacture essential hydrogen components for the different applications, ranging from commercial vehicles to high-speed trains. With this investment, Westport has made remarkable progress toward enhancing its hydrogen technology around the world.
Zacks Rank & Key Picks
WPRT currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the auto space are Bayerische Motoren Werke BAMXF, Wabash National WNC and Modine Manufacturing MOD, all sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Bayerische is a multi-brand automobile manufacturer that focuses on the premium segments of the worldwide automobile and motorcycle markets and has three brands — BMW, MINI and Rolls-Royce. The Zacks Consensus Estimate for BAMXF’s 2023 sales implies year-over-year growth of 1.88%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 24%, respectively.
Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. The Zacks Consensus Estimate for MOD’s 2023 sales and earnings implies year-over-year growth of 11.43% and 43.09%, respectively.
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Westport Fuel Systems Inc. (WPRT) : Free Stock Analysis Report
Wabash National Corporation (WNC) : Free Stock Analysis Report
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Bayerische Motoren Werke AG (BAMXF) : Free Stock Analysis Report
