It can be revealed today that a Memorandum of Understanding (MoU) covering automotive parts and systems R&D collaboration, has been signed between Ricardo and Northeast Industry Group – opening the way to the development of products based on Ricardo technologies and innovations.
While agreements such as this are typically the subject of strict commercial confidentiality restrictions on the part of Ricardo customers, Northeast Industry Group has allowed the existence of the MoU between the companies to be revealed, coinciding with and celebrating the visit to the UK of China’s president, Xi Jinping.
The strategic cooperation envisioned by the MoU is to be achieved through long-term new product R&D programmes proposed by both Ricardo and Northeast Industry Group. In addition, both parties intend to enter into commercialized technical cooperation contracts in order to exploit product innovation opportunities that arise from their collaboration under the MoU.
“On behalf of Ricardo, I am grateful to Northeast Industry Group for allowing us to reveal this MoU,” said Ricardo Asia president Gary Tan. “This already very successful collaboration demonstrates how Ricardo is able to provide value-added technology, innovation and engineering collaboration to all parts off the Chinese automotive industry’s value chain. We look forward to a long and successful partnership with Northeast Industry Group, and are honoured to be able to reveal this MoU in parallel with the visit of president, Xi Jinping to the UK.”
A full copy of this press release is available from the link at the top right of this page.