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5. Minth Group Limited Business Report FY ended Dec. 2023

Minth Group Limited Business Report FY ended Dec. 2023

Factors
-This was mainly due to the mass production of the Group's battery box project in Europe and the strong demand for existing products from its American, Japanese, and European customers in North America.

Sale of subsidiaries

-In the battery box business, the Company won its first orders in the North American market customers such as Nissan, Stellantis, and Hyundai Kia. The Company has also continuously expanded its battery box production technology and won its first order for an integrated die-cast battery box for hybrid vehicles.

-In the body and chassis structural parts business, while continuing to expand its market share with customers such as Volvo, Volkswagen and Mercedes-Benz, the Company received its first orders from customers such as BMW, Honda, and Nissan

-In the area of intelligent products, the Company won new orders from Chinese, European, and Japanese manufacturers and crossover companies for products such as electric door systems, front and rear luminous masks, luminous bumpers, luminous grilles, active air intake grilles, and variable spoilers.

-In 2023, the Company received orders for battery boxes orders in addition to products for several of BYD's main models.
With Geely, in addition to maintaining the supply share of traditional products, the Company also is expanding its supply of innovative products such as smart front fascia and body chassis parts. The Group has obtained multiple product orders for new energy vehicles from customers such as GAC Aion, Li Auto, Xpeng, and NIO.

New products

-Minth Group announced the holding of a ceremony to commemorate the first battery case coming off the production line at Minth ElectriCity Technology, a French joint venture (JV) with Renault Group. Located in the Industrial Zone of Ruitz in northern France, the JV operates at existing Renault Group plant buildings and covers an area of 20,839 square meters. It currently has two automated production lines, with an annual capacity of 300,000 battery cases. Minth Group and Renault Group established this JV for electric vehicle battery case production in early 2023. (From a Minth Group press release dated October 27, 2023)

Plant construction

-On July 9, Minth announced a new investment in the Mexican state of Aguascalientes of USD 57 million for a new expansion plan in the state. The investment will be done for the expansion of the metals division, creating around 1,200 new jobs. "We continue to trust Aguascalientes as the best state to invest in, the safest and where business flows easily, where there is a really easy and free approach with the government, and where solutions are given to the problems that arise," said the executive of Minth Mexico. (Mexico Now on July 9, 2024)

-The city of Šabac, Serbia announced that Minth United Alloy - Teck Europe, which is engaged in the production of aluminum castings for electric car batteries and operates in the Northwestern Industrial Zone, is planning to employ 161 workers by the end of 2023. The 25,000 square meters plant is built with an investment of EUR 50 million and employs 135 people. The second phase is also planned, with an investment of EUR 67 million. It will cover an area of 28,150 square meters. After the completion of the second phase, it will employ over 400 workers. The construction of the third factory of 84,000 square meters is underway, where 1,000 people will find work. Minth is also planning to start the construction of the fourth factory by the end of 2023. Mint will invest EUR 300 million in the Northwest Industrial Zone for its production facilities. Work will be done on highly sophisticated equipment for world automobile companies and more than 1,500 workers will be employed. (From a press release dated January 7, 2023)

Strategic cooperation

-InoBat, a battery manufacturer based in Slovakia, announced that it has signed a memorandum of understanding (MoU) with Minth Group for electric vehicle innovation, cell-to-pack integration, developing recycling solutions, accelerating the transition to green energy, and collaboration on local projects in Serbia. Recently, the Inobat team visited Minth’s facility located in Loznica, Serbia. This was a follow-up to Minth’s visit to InoBat in Slovakia earlier in May 2023. (Based on Inobat social media updates)

Research and development activities

Patents

-In 2023,  Minth Group applied for 530 new patents, of which 59 were high-value patent applications, including 12 international patent applications. In 2023, the Group obtained 412 patents authorized by competent authorities, 69 trademark registrations, and actively carried out intellectual property rights protection work, including 56 patent protection analyses and 5 trademark customs filings.

R&D facilities