China Auto Electronics Group Limited (THB Group) Business Report FY ended Dec. 2020
Subsidiary News
-Hunan Tianhai Electric Co., Ltd. (Hunan Tianhai), a subsidiary of Tianhai Group, announced that it has successfully reached a new agreement with BAIC to produce wiring harnesses for the BAIC C53 and C62 series models with an order amount of CNY 57.8 million. It is reported that Hunan Tianhai's previous partners are all state-owned car companies, while in a second phase it will work with the joint venture brand GAC Fiat (GAC FCA). As a result, the company will take a new step in the production of components for joint venture vehicles. In addition, the group headquarters has recently decided to formally integrate its Jiangxi subsidiary into Hunan Tianhai early next year, which will increase the company's output to approximately CNY 500 million and create 600 jobs. (From a news report dated Oct. 5, 2020)
Factory resumes work
-The Company announced that the government has officially approved the resumption of THB Group operations on February 9, 2020, in accordance with government requirements for strict compliance to rules related to companies’ strengthening of prevention and control of COVID-19. On February 10, operations resumed at the group’s headquarters, connector division, electronics business unit, wiring harness business unit, HebiHaichang Special Equipment Co., Ltd. and HebiTianhaiHuanqiu Electric Co., Ltd. Its subsidiaries including THB Fujian and THB Liuzhou also restarted operations. (From a press release dated February 11, 2020)
R&D Structure
-The Company has a total of six engineering research centers. These centers include its research institute, which is a national-level technology center, the Henan Province automotive electrical engineering technology research center, and the Henan Province automotive electronics engineering technology research center. The Company conducts R&D activities on connectors, wire harnesses, automotive electronics, harness equipment and components for clean-energy vehicles.
-The Company established an R&D Center in Shanghai, which focuses on automotive electrical and electronics distribution systems.
Investment in China
-The Company broke ground for the THB Industrial Park, its new production base in the Hebi National Economic and Technological Development Zone. CNY 2 billion is expected to be invested in this park, which will cover 200,000 square meters and have plants, offices, a research center, and other facilities. The manufacturing base will produce adaptive front-lighting systems, intelligent electrical boxes, motors and motor control systems for new energy vehicles, electronic control units, and 5 million kilometers of low voltage wires for new vehicles. This project will be carried out in two phases, with the first phase scheduled to be completed in December 2017 and the second phase at the end of June 2018. The park is expected to create 20,000 jobs and generate CNY 10.06 billion in sales per year. (From a press release on January 10, 2017)