China, 10th October 2006 (MOREL)- Following its announcement on 30 June, the Board of Antonov plc confirms that Antonov has submitted further detailed information to Great Wall Motor Company ("GWM") in relation to the TX6 programme covering key supplier costs, production investment levels and other key information to support its business case. Although Antonov has now met GWM´s requirements, GWM has in the meantime decided to buy proven technology for their first production model.
In parallel with the discussions with GWM, however, Antonov has continued with the production design programme. This work has included design for manufacture and assembly, supplier nomination, detailed cost and investment data. As a result of this work, Antonov now has the benefit of a full production-capable design.
The work was continued on the strength of interest received from a number of other Chinese vehicle manufacturers and Antonov is currently involved in multi-party discussions to finalise a production plan. In addition, the Company has received commitment to the programme from a number of major Tier 1 suppliers, including those for the control unit and the electro-hydraulic system. This is a key step in enabling the programme to proceed to production smoothly.
John Moore, Chief Executive of Antonov, commented: "Recent design work and a focus on product delivery has enabled the six speed transmission programme to continue unaffected. We now have a secure supply chain in place and are currently reviewing a range of options in order to establish our manufacturing capability. The six speed transmission has been well received by our target market and I will update shareholders in due course."
In parallel with the discussions with GWM, however, Antonov has continued with the production design programme. This work has included design for manufacture and assembly, supplier nomination, detailed cost and investment data. As a result of this work, Antonov now has the benefit of a full production-capable design.
The work was continued on the strength of interest received from a number of other Chinese vehicle manufacturers and Antonov is currently involved in multi-party discussions to finalise a production plan. In addition, the Company has received commitment to the programme from a number of major Tier 1 suppliers, including those for the control unit and the electro-hydraulic system. This is a key step in enabling the programme to proceed to production smoothly.
John Moore, Chief Executive of Antonov, commented: "Recent design work and a focus on product delivery has enabled the six speed transmission programme to continue unaffected. We now have a secure supply chain in place and are currently reviewing a range of options in order to establish our manufacturing capability. The six speed transmission has been well received by our target market and I will update shareholders in due course."
