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5. Ningbo Joyson Electronic Corporation Business Report FY ended Dec. 2020

Ningbo Joyson Electronic Corporation Business Report FY ended Dec. 2020

-In the fiscal year ended December 31, 2020, by business unit, Automotive Safety Systems accounted for 76.29% of sales, Automotive Electronics 12.13%, Electronic Functional Assemblies 6.22%, and Intelligent Vehicle Connectivity Systems 4.34%. By region, the China domestic market accounted for 21.49% and overseas markets accounted for 77.49% of sales.

Highlights by business

• Automotive Safety Systems
  -The acquisition of Takata's assets was completed. The expansion of the Miskolc Airbag Gigafactory in Hungary and the construction of the Shanghai Lingang Joyson Safety Co., Ltd. Systems Co., Ltd. plant in Lingang were both completed.

• HMI and New Energy Vehicles Power Control

  -New orders in the field of automobile electronics in 2020 was about CNY 14 billion. This includes, for New Energy Vehicle products, new orders from Volvo in Europe. The company also continues to provide Porsche with wireless and high voltage fast-charging products. In China, orders were received for a new model vehicle that uses VW's MEB platform, and provided EVs with a battery management system and monitoring unit.

• Connected Systems
  -In 2020, the connected business was reorganized and a new company, "JOYNEXT" was established. Strategic investment were received fromoutside investors.
  -Joyson Electronic has begun construction of a new headquarters research facility and has independently developed key technologies.
  -The value of orders for Connected Systems is about CNY 1 billion. Among them, orders for the entire life cycle of NIO's 5G-V2X platform accounted for about CNY 660 million. The products are V2X 5G-T BOX and 5G-V BOX.
  -Joyson Electronic completes strategic investment in LiDAR manufacturer Innovusion, Inc. The JOYNEXT subsidiary collaborates with Innovusion to provide NIO with ultra-long-distance, high-precision LiDAR. In the future, Joyson Electronic and Innovusion will work together in areas such as LiDAR sensor fusion, V2X data fusion, and self-driving domain controllers. JOYNEXT's V2X in-vehicle terminal is in the process of serial production from the test stage, and will be delivered to NIO, Human Horizons, and others.

• Functional Components and Assemblies
  -In December 2020, completed the sale of the Functional Components and Assemblies business and decided to consolidate the business into areas such as intelligent driving, smart cockpit, and new energy control system.

Sold Joyson Quin Automotive System

-The company announced that it signed an agreement with Guangdong Senssun Weighing Apparatus Group Ltd. (Senssun). According to the agreement, Senssun will acquire 51% of the shares of Ningbo Joyson Quin Automotive System Co., Ltd. (Joyson Quin), a subsidiary of Joyson Electronics. The deal will be finalized by a cash payment of CNY 2.04 billion. Joyson Electronics claimed that Joyson Quin operates well but obtains limited resources from Joyson Electronics to support its development. The deal will enable Joyson Electronics to concentrate its resources on its development strategies and future-oriented fields. Joyson Quin will also benefit from the deal as it will be able to obtain more resources to facilitate fast development. (From a press release dated November 26, 2020)

New Products

5G-V2X and LiDAR
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it has completed the inclusion of 5G-V2X and LiDARs in its business scope with the help of JOYNEXT, its connected vehicle business unit. Relevant products are expected to be produced by the end of 2021. Reportedly, JOYNEXT will have several projects launched successively in the next year. The first 5G-V2X product will be launched in 2021 in a Human Horizons HiPhi1 application. JOYNEXT will also provide NIO Inc. with 5G-V2X and LiDARs, which will be first used in the NIO ET7. The LiDARs are jointly developed by JOYNEXT and LiDAR manufacturer Innovusion, Inc. (From a press release dated March 15, 2021)

Expand production of intelligent vehicle electronics
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it completed a non-public offering and raised funds of around CNY 2.5 billion, which will be used to expand production of intelligent vehicle electronics. This production expansion project mainly involves new energy vehicle battery management systems and intelligent cockpit electronics, with the aim to achieve a planned annual production of 0.9 million units of battery management systems and 14.2 million units of intelligent cockpit electronics, including 10.7 million units of air-conditioner control systems and 3.5 million units of driving control systems and console panels. Ningbo Preh Joyson Automotive Electronics Co., Ltd., a wholly owned subsidiary of Joyson Electronics, will be responsible for project construction for a period of 36 months. (From a press release dated November 18, 2020)

Power Distribution Unit
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that its first high voltage power distribution unit (PDU) project was launched, with a planned capacity of over 150,000 units within the project cycle. Currently, several orders were received from FAW-Volkswagen, SAIC Volkswagen, SAIC GM, SAIC Motor Passenger Vehicle and other OEMs for the development and production of this product, along with wallboxes, on-board chargers, intelligent recharge sockets and high voltage charging cables. Orders received within the project cycle exceeded CNY 4 billion. The Wall-boxes (intelligent chargers) supplied for the MEB platform of FAW-Volkswagen and SAIC Volkswagen will be put into production at the end of 2020. (From a press release dated October 12, 2020)

Plant expansion

-Ningbo Joyson Electronic Corporation (Joyson Electronic) announced that its subsidiary Joyson Safety Systems (Huzhou) Co., Ltd. (Joyson Safety Huzhou) began the construction of a third-phase project to expand its facilities. With a total investment of about CNY 400 million, the plant will comprise 8 independent buildings and 10 automated production lines. It will increase the annual capacity of gas generators by about 12 million units. Additionally, the plant will include a 2,400-square-meter laboratory and an unmanned raw material warehouse. After the plant begins operation, it will have a fully-automated logistics system that is supported by a production and warehouse management mechanism and AGVs (Automated Guided Vehicle). After construction of the project is completed, Joyson Safety Huzhou will have a total annual capacity of 30 million units of gas generators. Ningbo Joyson Safety Systems Co., Ltd. (Joyson Safety) is a supplier of automotive safety systems under Joyson Electronic. As Joyson Safety’s wholly-owned subsidiary, Joyson Safety Huzhou currently has more than 20 production lines with an annual capacity of about 18 million units of gas generators. (From a press release dated July 3, 2020)

Strategic Alliance

Siemens Digital Industries Software
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it has signed a strategic cooperation agreement with Siemens Digital Industries Software in the areas of product development, manufacturing, and technical services. Joyson Electronics will build and improve its product development platform achieve integrated management of the entire development process and promote innovative development of new generation automotive security products, intelligent driving, new energy vehicle electronics, key IoV (Internet of Vehicles) technologies, and intelligent manufacturing equipment, based on the platform-based software of Siemens Digital Industries Software for product lifecycle management, predictive analytics engineering, electronic device and software development management, and autonomous driving design. This cooperation will help expand Joyson Electronics’ digitalization businesses in China. The company will also adopt digitalization industrial software manufacturing and development solutions to expand its production capacity for automotive security, electronics and IoV products, and raise its ability to serve OEM customers. (From a press release dated January 15, 2021)

Innovusion, Inc.
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it recently completed strategic investments in LiDAR manufacturer Innovusion, Inc. (Innovusion). Joyson Electronics’ subsidiary Ningbo Joynext Technology Co., Ltd. (JOYNEXT) will work with Innovusion to supply ultra-long range and high definition LiDARs for the ET7, NIO Inc.’s (NIO) first sedan launched recently. The LiDAR units will help with the ET7’s transition from assisted driving to autonomous driving. In the future, Joyson Electronics and Innovusion will cooperate on LiDAR perception fusion, V2X data fusion, and autonomous driving domain controller decision algorithms; promote industrialization of these technologies; and expand the global market. (From a press release dated January 12, 2021)

Partnered with EVE Energy in 48V Lithium Battery System and High Voltage Battery Pack Business
-Ningbo Joyson Electronic Corporation (Joyson Electronic) announced that its subsidiary Ningbo Preh Joyson Automotive Electronics Co., Ltd. (Preh Joyson) would deepen its partnership with EVE Energy Co., Ltd. (EVE Energy) in 48V lithium battery systems and high-voltage battery packs. In their partnership, Preh Joyson will provide battery management systems (BMSs), while EVE Energy will provide batteries and battery pack solutions. They will work together to expand domestic and overseas markets. Both of Preh Joyson and EVE Energy are Daimler and BMW’s global suppliers of new energy vehicle (NEV) powertrain components. Preh Joyson has been a core BMS supplier for BMW’s i-series models since 2014, and a 48V BMS supplier for Mercedes-Benz’s mild hybrid models since 2016. Additionally, Preh Joyson supplies products for NEV models manufactured by VW, Geely and Chery. From 2019, Preh Joyson started to supply BMS components for vehicles manufactured based on VW’s MEB platform in China. In the same year, the company expanded its NEV electronics operations to the field of high-voltage fast charging and power electronics.   (From a press release dated December 24, 2020)

Microsoft China
-Ningbo Joyson Electronic Corp. (Joyson Electronic) announced that it has signed a strategic cooperation memorandum with Microsoft China. The companies will cooperate in such fields as automotive cloud applications, intelligent voice control, collaborative office automation and R&D system improvement. The partnership will enable Joyson Electronic to promote its global service deployment and digital transformation. According to the memorandum, the companies will work together to develop innovative solutions for the automotive industry. They also aim to establish a strategic partnership and cooperate on cloud technologies. (From a press release dated April 2, 2020) 

Orders

Supply 5G-V2X products for the HiPhi X
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that JOYNEXT, one of its subsidiaries, will supply 5G-V2X products for the HiPhi X set for delivery in May 2021. JOYNEXT’s 5G-V2X on-board terminal equipment is incorporated into the Qualcomm Snapdragon automotive 5G platform, which enables the HiPhi X to provide 5G and V2X services as well as C-V2X direct communication in multiple scenarios including under V2V and V2I communication standards. (From a press release dated March 23, 2021)

Provide new energy vehicle (NEV) product solutions for Audi’s J1 platform and Volkswagen’s MEB platform globally
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it will continue to provide new energy vehicle (NEV) product solutions for Audi’s J1 platform and Volkswagen’s MEB platform globally, which include battery management systems, high-voltage fast-charge boosters and DC/DC multifunction converters. It also supplies automotive safety-related and intelligent connectivity products for MEB platform models. This includes far-side airbags for the front seats of the Volkswagen ID.4, as well as a variety of airbags and safety belts for the ID.4 versions for Europe and China. The digital cockpit of the China-made ID.4 also features more than 10 system software applications developed by Joyson Electronics. (From a press release dated March 10, 2021)

Provide multiple technologies for the Super Cruise system of General Motors (GM)
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that its subsidiary Joyson Safety Systems will provide multiple technologies for the Super Cruise system of General Motors (GM), including an attention assist system. Joyson Safety Systems will also provide a steering wheel working in coordination with the system. The steering wheel integrates a multi-zone grip sensing system and LED strips and alerts the driver with visual signals when a lack of concentration is detected by the cameras. GM plans to equip 22 models with the Super Cruise system in 2023, as revealed in its 2020 financial report. (From a press release dated February 21, 2021)

Supply smart cockpit HMI products to Ford Motor Company for the China-made Mustang Mach-E
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that its subsidiary Preh GmbH will supply smart cockpit HMI products to Ford Motor Company for the China-made Mustang Mach-E, the first battery electric SUV of the automaker. The vehicle is expected to be unveiled at the Shanghai motor show and arrive on the market in the third quarter of 2021. (From a press release dated February 2, 2021)

Joyson Automotive Safety Systems Offers Tesla Multiple Products
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that its subsidiary Joyson Safety Systems (JSS) will start production of front engine hood lifters for the China-made Tesla Model 3 from the middle of 2021. The product will be manufactured at the JSS Ningbo Plant in Zhejiang Province, with an expected annual production capacity of 500,000 units. JSS currently supplies passive safety systems such as steering wheels, driver and passenger airbags, curtain airbags, side airbags, knee airbags and seat belts to Tesla globally. (From a press dated January 19, 2021)

-Ningbo Joyson Electronic Corporation (Joyson Electronic) announced that its subsidiary Ningbo Joyson Automotive Safety Systems Co., Ltd. (Joyson Automotive Safety Systems) will supply its products to Tesla China from October 2020. The products supplied to Tesla China will be manufactured at Joyson Automotive Safety Systems’ plant in Lingang, Shanghai. The plant is also a supplier of NIO and other emerging automakers in China. Joyson Automotive Safety Systems received a notice from Tesla China in February 2020 that made it a designated manufacturer of airbags, safety belts, steering wheels and other products for the China-made Model 3 and Model Y vehicles. The order for automotive safety products from Tesla China currently has a full-lifecycle value of CNY 7.5 billion. (From a press release dated September 22, 2020)

-Ningbo Joyson Electronic Corporation announced that its subsidiary, Joyson Safety Systems (JSS), has become a supplier of Tesla, Inc (Tesla). Shanghai Lingang Joyson Safety Systems Co., Ltd., a plant of JSS located in the Lingang area, supplies products such as airbag modules, seatbelts, steering wheels and safety systems for Tesla. The plant is located at about 3km from Tesla’s plant. It has approximately 60,000 square meters of ground-floor area and has more than 1,300 employees, of which about 200 members are in R&D. (From a press release dated February 21, 2020)

Providing multiple products including battery management system for VW "ID.4" for Chinese market
-Joyson Electronic supplies multiple products to VW "ID.4" for the Chinese market. VW "ID.4" is a vehicle that uses the MEB platform.
Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that it will supply battery management systems (BMS) and safety, connectivity, human-machine interface (HMI), and electric charging and distribution related products for Volkswagen’s ID.4 model launched in the Chinese market and based on the MEB platform. Preh GmbH, a subsidiary of Joyson Electronics, will provide battery management systems, battery management units and cell monitoring units to MQB platform models. As an exclusive BMS supplier for Volkswagen MEB platform models in the Chinese market, Joyson Electronics has received orders for BMS products from Volkswagen that exceed CNY 10 billion. Joyson Safety Systems, also a subsidiary of Joyson Electronics, will provide Volkswagen ID.4 models with remote front seat side airbags to reduce side impact damage and to protect the heads of the driver and front-seat passenger. Joyson Safety Systems will also supply airbags and seat belts for ID.4 models for the European and Chinese markets, respectively. Joyson Quin Automotive Systems, another subsidiary of Joyson Electronics, will supply the ID.4 with onboard chargers (intelligent chargers). Joynext Technology Co., Ltd., also a subsidiary of Joyson Electronics, will supply over 10 system software apps, including music, radio, traffic violation query, and message center apps. (From a press release dated November 4, 2020)

Supplying in-vehicle system to the new "Golf"
-Ningbo Joyson Electronic Corporation (Joyson Electronics) announced that the all-new VW Golf 8 has the CNS 3.0 head unit system provided by its subsidiary JOYNEXT. This system supports a highly customized HOME interface and connection with a mobile phone via CarPlay and CarLife. It also features Chinese handwriting input, real-time navigation and voice recognition functions. Intelligent home and intelligent vehicle control functions, such as remote door unlocking, remote flashing and whistling, vehicle condition and location check, and vehicle inspection report, are also available. (From a press release dated October 22, 2020)

Awards

-Ningbo Joyson Electronic Corporation (Joyson Electronic) announced that its subsidiary Ningbo Joynext Technology Co., Ltd. (Joynext) won the 2020 sSupplier Innovation Award from Changan Ford Automobile Co., Ltd. (Changan Ford) at the 2020 Changan Ford Global Partners Conference. The award-winning IVI (In-Vehicle Infotainment) system is a customized product developed jointly by Joynext and Beijing Phoenix Auto Intelligence Co., Ltd. Featuring a voice noise reduction solution, the IVI system supports port customization and is integrated with Tencent’s scenario and human-based TAI 3.0 ecosystem that includes an onboard WeChat app, a QQ Music app as well as the apps for such scenarios as Internet radio, smart home and road rescue. The IVI system will also support online updates from the app store. (From a press release dated December 24, 2020)

-Subsidiary Ningbo Joyson Quin Automotive Systems Co., Ltd. received the "Co-Creation Award" from FAW VW. (From a press release)

Patents

-By the end of 2020, the Company had over 5,000 global patents and R&D personnel of over 5,300.

R&D systems

Building two global research institutes in China
‐Joyson Electronics plans to build two global research institutes in China by the end of 2021. The two institutes will mainly carry out R&D activities in the areas of new energy vehicles and intelligent driving technologies. Currently, initial preparation work has been basically completed. In terms of new energy vehicles, the company will place more focus on battery management systems and energy storage technologies. As for intelligent vehicle technologies, it will mainly engage in intelligent cockpits. (From a press release dated March 15, 2021)

-The newly established research facility for intelligent vehicle technologies will focus on promoting the development of advanced technologies in the field of automobile intelligence, accelerate the industrialization of the latest research results, and work on research and incubation of next-generation important technologies. Specifically, the company is focusing on automatic driving domain controllers, machine vision (MV), machine learning (Machine Learning), AR / VR, multimodal HMI, advanced sensing, in-vehicle software, etc.

Entering the hydrogen energy and fuel cell industry
‐Joyson Electronic will enter the hydrogen energy and fuel cell industry in the future by consolidating advanced R & D and production resources in China and abroad, and using the fuel cell control system as a breakthrough. The company will develop products such as fuel cell control system hardware that meets functional safety and automotive industry requirements;  lower layer software and application layer control software that meet AUTOSAR standards and key algorithms for, high efficiency, light weight, high output density, low cost in-vehicle charging; and power switching system solutions to further support large-scale applications of fuel cell control system technology.

R&D Expenditure

-As of the end of 2020, the ratio of R&D staff to the total number of employees was 9.61%.

Subsidiary related news

-Joyson Safety Systems (JSS) issued a statement in response to the reporting of its Japanese subsidiary Joyson Safety Systems Japan (JSSJ) providing non-conforming safety belts to OEMs. According to the statement, JSS was conducting an investigation into belt webbing test data in the JSSJ’s Hikone, Japan, webbing manufacturing facility. The reporting issues arose long before the acquisition of the plant from Takata in April 2018. Thus far, JSS has not identified any related field issues and the investigation is ongoing. JSS has informed OEM customers and relevant regulators. JSS is a subsidiary of Ningbo Joyson Electronic Corporation. (From a press release dated October 14, 2020)