Dongfeng and Maxion Wheels Form Aluminum Wheel Joint Venture

Maxion Wheels, the world’s largest wheel manufacturer, announced
today the agreement to form a new passenger car aluminum wheel joint
venture with Dongfeng Motor Parts and Components Group, one of China’s
largest automotive parts companies. The new legal entity, Dongfeng
Maxion Wheels, will build a new two-million per year capacity plant in
Hubei Province, China, with series production scheduled for second half
2020.

“Growing our presence in Asia is one of Iochpe-Maxion’s priorities,”
said Marcos Oliveira, President and Chief Executive Officer,
Iochpe-Maxion S.A. “Coupling Maxion Wheels’ global customer
relationships and significant aluminum wheel expertise with Dongfeng
Motor Parts and Components’ goal to expand its portfolio to include
light vehicle aluminum wheels is the makings of a strong partnership. We
are honored to join Dongfeng’s strong and dynamic organization and
through our joint venture provide world-class aluminum wheels for our
global and domestic Chinese OEM customers.”

The new joint venture operation, expected to initially bring more than
450 new jobs to the region, will produce low pressure die cast aluminum
wheels, including high-end wheel finishes, as well as, other innovative
wheel features.

A groundbreaking ceremony for customers, employees, and local
dignitaries will be announced in the near future.

ABOUT MAXION WHEELS

Maxion Wheels, a division of IOCHPE-MAXION S.A., is a leading wheel
manufacturer for passenger cars, light trucks, buses, commercial trucks
and trailers. The Company also produces wheels for agriculture, as well
as other off-highway applications. With more than 100 years of
wheel-making experience and 10,000 employees globally, Maxion Wheels is
the world's largest wheel manufacturer, producing nearly 60 million
wheels per year. It serves its global OEM customers from 33 locations in
16 countries on five continents, including state-of-the-art technical
centers in the Americas, Europe and Asia. To learn more, please visit
Maxion Wheels’ website at www.maxionwheels.com.

ABOUT DONGFENG MOTOR PARTS AND COMPONENTS GROUP

Dongfeng Motor Parts and Components Group Co., Ltd., headquartered in
Shiyan, Hubei province, is a subsidiary of Dongfeng Motor Co., Ltd., and
specialized in research & development, manufacturing and sales of auto
parts, including chassis systems, cabin and body systems, electric drive
systems, braking and intelligent driving systems, powertrain systems,
thermal management systems, powertrain systems and lightweight
technologies.

Dongfeng Motor Parts and Components Group Co. Ltd. has 14,000 employees,
38 subsidiaries, including a listed company named Dongfeng Electronic
Technology Co., Ltd. (Stock Code: 600081), 1 overseas company and 14
joint ventures. The annual sales of the Group in 2018 were RMB 18
billion, which make it one of the largest auto parts suppliers in China.

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