Zhejiang Founder Motor Co., Ltd. Business Report FY ended Dec. 2021
Financial Overview |
(CNY millions) |
| FY ended Dec. 31,2021 | FY ended Dec. 31,2020 | Rate of increase/ decrease (%) | Factors | |
| Sales | 1,890.77 | 1,142.57 | 65.48 | The increase in raw material costs outpaced the growth in operating income, widening the range of losses. |
| Operating income | (8,405.11) | (644.61) | - | |
| Ordinary income | (8,328.32) | (648.38) | - | |
| Net income | 270.05 | (642.23) | - |
New companies
Established a joint venture subsidiary to develop products using carbon fiber
-The company announced that its wholly owned subsidiary Shanghai High Energy Auto Electronic Co., Ltd. signed a joint venture agreement with Jilin Huayang Group Co., Ltd. (Huayang Group). The joint venture will be established with a total subscribed capital of CNY 100 million. Shanghai Runyang New Composite Material Co., Ltd. (tentative name) will be established to conduct R&D, production, and sales of composite materials and carbon fiber products. Founder Motor and Huayang Group will hold 85% and 15% of shares in the company, respectively. (From a press release dated June 4, 2021)
Orders
-The company announced that it was designated as a parts supplier for New Energy Vehicle drive systems from HYCET Transmission System (Jiangsu) Co., Ltd., a wholly owned subsidiary of HYCET E-Chuang Technology Co., Ltd. The company will supply four types of flat wire motor stators and rotors for the two platforms. (From a press release dated September 2, 2021)
-The company supplies drive motors for the Wuling Hongguang MINI EV and the XPeng P7.
-The company received an 800V high voltage motor development contract and project order from a major New Energy Vehicle company. (From the 2021 Annual Report)
New projects
-The company will build a New Energy Vehicle drive motor production base with an annual output of 1.8 million sets and expand the Lishui Founder Intelligent Motor Application Technology Research Institute in Lishui City, Zhejiang Province, with a total investment of CNY 1.2 billion. For these purposes, the company plans to raise up to CNY 1 billion. The new construction area will be 118,000 square meters. The expansion project of the Lishui Founder Intelligent Motor Application Technology Research Institute will construct a 12,600-square-meter building, introduce 14 sets of test equipment, and invite professional engineers to conduct development. It plans to make the Institute of Technology a platform for automotive motor innovation in China. (From a press release dated January 26, 2022)
R&D Expenditure |
(CNY millions) |
| FY ended Dec. 31,2021 | FY ended Dec. 31,2020 | FY ended Dec. 31,2019 | |
| R&D Expenditure | 162.38 | 119.15 | 114.10 |
| Ratio of R&D expenses to sales (%) | 8.59 | 10.43 | 10.24 |
-By the end of 2021, the Company had 411 R&D personnel, accounting for 14.60% of the total number of employees.
Research and development trends
| Projects | Details | Progress |
| 220 flat wire motor | -Aiming to mass production and supply of flat wire motors | In production |
| 800V high voltage round wire motor | -Aiming to start mass production and supply of 800V high voltage motors | Completed development of C sample |
| Silicon carbide ultra-high voltage electronic controller | -Development of European standard controllers and integrated systems to support 800V motors -Meets functional safety ASIL-C standard |
Development completed |
| Dual electro-hydraulic power steering integrated model | -Power steering electric drive systems for international and Chinese domestic commercial vehicles -Meets functional safety ASIL-B/C/D standards |
Development completed |
R&D Facility
-The Company has been certified as a technology enterprise by the Chinese government, and its R&D center has been certified by Zhejiang Province. The Company has a post-doctoral workstation and a provincial-class R&D center.
-In October 2017, Fangzheng Research Institute was established in Shanghai to conduct research and development on integrated systems for New Energy Vehicles.
-In September 2020, the Company established Lishui Founder Zhiqu Applied Technology Research Institute Co., Ltd. that conducts research and development activities on intelligent control systems, and motors and their control systems.
Certifications
-The company acquired IATF16949:2016, ISO9001:2015, ISO14001:2015, ISO45001:2018 system certification.
Others
-Zhejiang Founder (Hubei) Auto Parts Co., Ltd., a wholly-owned subsidiary, completed the construction and relocation of a new plant in May 2021 and start production.