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4. Changchun FAWAY Automobile Components Co., Ltd.
5. Changchun FAWAY Automobile Components Co., Ltd. Business Report FY ended Dec. 2020

Changchun FAWAY Automobile Components Co., Ltd. Business Report FY ended Dec. 2020

Dissolution and liquidation of Tianjin Kahou Automobile Decoration

-The company announced that its subsidiary Changchun FAWAY Adient Automotive Systems Co., Ltd. (FAWAY Adient) will dissolve and liquidate Tianjin Kahou Automobile Decoration Co., Ltd. (Kahou). FAWAY Adient made the decision due to Tianjin Kahou’s continuous losses. FAWAY Adient and Toyota Boshoku Corporation each hold a 48% share in Kahou while Toyota Tsusho Corporation holds a 4% share. (From a press release dated March 19, 2020)
　

New company

-Changchun Hella FAWAY Automotive Lighting Co., Ltd. and Danyang ENOR Photoelectric Technology Co. Ltd. formed a partnership in the field of intelligent vision and agreed to establish a joint venture company, FAWAY Hainuo Automotive Technology (Changzhou) Co., Ltd. The joint venture will have a plant with a total floor area of 20,000 square meters and a total investment of CNY 85 million. It will mainly engage in the development, manufacturing, assembly, and sales of automotive lamp modules, PCBAs (printed circuit board assemblies), and control modules. After the plant is completed, it is expected to produce 3 million modules and 8 million PCBAs per year, with an annual value of CNY 1 billion. As a core supplier of lamp electronic control and lighting systems, the Company aims to develop intelligent vision systems for automobiles. (From multiple media reports and press releases)

-FAWAY Benteler Automotive Components (Tianjin) Co., Ltd. (FAWAY Benteler) completed the construction of a plant in Dazhangzhuang Town, Beichen District, Tianjin City, China. FAWAY Benterler was jointly established by Changchun FAWAY Automobile Components Co., Ltd. and Benteler Automotive (China) Investment Limited to produce high strength precision automotive components. (From various media sources on June 17, 2020)

Acquisition plans

-The Company plans to acquire FAW Asset Management Co., Ltd.’s 35% stake in Changchun FAW Yanfeng Visteon Electronics Co., Ltd. and MEKRA Global Mirrors Holding GmbH’s 60% stake in Changchun MEKRA Lang FAWAY Vehicle Mirror Co., Ltd.  (From Annual Report 2020)
 

Industrial park construction

-Various media sources reported that the Company commenced construction of its intelligent industrial park. With a total investment of CNY 1 billion, this project will cover an area of 180,000 square meters. Plant buildings will be completed before the close of 2021 with plans to start production by the end of 2022. Annual production capacity will be of 1.7 million complete seat assemblies and 1.1 million seat frame assemblies. Its customers will include FAW Hongqi, FAW Volkswagen, FAW Bestune, and FAW Toyota. (From various media sources dated May 10, 2021)

Joined the Changchun Hongqi Industry-Academia-Research Innovation Alliance

-On October 15, 2020, the FAW Group joined the Changchun Hongqi Alliance for Industry-Academia Researchand Innovation (the Alliance). The Alliance will support the development of the FAW Group by mobilizing knowledge, equipment, funds, incubation and industrial resources for the automotive industry in the Changchun area. Within the alliance, the companies will cooperate and complement each other, while outside the alliance, they will work to expand the market. At the same time, the Company and 13 other companies established the Changchun Automotive Leading Innovation Company (CALiC), which will focus on technology development, technology transfer, and technology services for automobiles and parts. CALiC will focus on technology development, technology transfer and technical services for automobiles and parts, and will play an active role in the innovation and development of the Company’s business. (From arelease dated October 20, 2020)

Awards

Business Plan for Next Year

-In 2021, the Company plans to reach CNY 19,001.55 million sales.(from Annual Report 2020)

R&D Expenditure

-As of the end of 2020, the Company had 583 R&D staff, accounting for 4.11 % of the total staff.

R&D facilities