Shanghai SIIC Transportation Electric Co., Ltd. (STEC) Business Report FY ended Dec. 2015
Financial Overview
-In 2015, the Company reached sales about CNY 1,393.38 million. (From 2015 annual report of Company's parent company, HUAYU Automotive System Co., Ltd.)
-In 2015, Nanjing Shenhua Automotive Electronic Co., Ltd., the joint venture of the Company reached sales about CNY 101.47 million, the net profit was CNY 1.54 million.
New Company
-In July 2015, the Company set up a new wholly-owned subsidiary in Xushui Economic Development District in Baoding, Hebei, named as 'Baoding Shanghai SIIC Transportation Auto Part Co., Ltd.' The new subsidiary produced power window regulators with annual production capacity of 3.8 million units, mainly for Great Wall and other OEM makers around. There are 12 assembly production line of power window regulators, 6 of them are new, 6 of them are removed from Shanghai. The investment reached CNY 105.91 million. The project was predicted to be finished in June 2016, and to start the pilot production in July 2016.
Recent Development
-The Company announced that STEC USA, its subsidiary in Madison Heights, Michigan, U.S.A., would establish a local plant within its site in order to deliver more products to General Motors. The plant would become the STEC Group’s first production base in the U.S. STEC has won new contracts from General Motors, and the new plant project is intended to accommodate the U.S. automaker's request for local supply. (From news releases issued by multiple sources on November 21, 2014)
Contracts
-Shanghai Inteva Automotive Parts Co., Ltd., which is a joint venture between the Company and Inteva Products, LLC, commenced production at its new Chengdu plant in May 2012. The facility is producing sunroofs for the new FAW-VW Jetta. In October 2012, Shanghai Inteva passed FAW-VW’s B-class supplier screening. According to Shanghai VW’s production plan, requirements for the Jetta sunroofs were expected to total 130,000 vehicles in 2013. (From a press release, January 23, 2013)
-Shanghai Brose Automotive Components Co., Ltd., a joint venture between the Company and Brose of Germany held a board meeting to give approval on the window regulator motor and electronic module projects for the Shanghai VW MQB Octavia and A-plus. (From news releases issued by multiple sources, July 5, 2012)
-The Company was awarded as the sole supplier of GM global DZXX and S4500 speaker projects in March 2012. The SORP time of export DZXX and S4500 speakers was in September 2014. The combined annual average demand of these two projects was about 2 million speakers, nearly a quarter of the Company’s 2011 total production. (From a press release on March 30, 2012)
Awards
-The Company won the Excellent Service Performance Gold Award from Shanghai VW, the Outstanding Service Award from Shanghai GM, and the Excellent Supplier award from Shanghai Automotive. This was the first time for the company to receive awards for the year from the three major SAIC group companies. (From a press release, February 6, 2013)
-Shanghai Inteva Automotive Door Systems Co., Ltd., which is a joint venture between Shanghai SIIC Transportation Electric Co., Ltd. (STEC) and Inteva Products of the U.S.. The company's project of the locailization of door locks for Reowe 750 was awarded as the excellent team. (From a press release, September 18, 2012)
R&D Facilities
-The Company owns a technical center, which is a Shanghai municipal technology center, and has 145 employees.
Product Development
-In 2013, the new products are successfully developed by the Company as follow:
·Gateway product,
- ·Sedan instrument cluster,
- ·PEPS (Passive Entry Passive Start),
- ·MIC (Microphone) or MCU (Microcontroller Unit) based electronic horns.
-In 2012, the new products are successfully developed by the Company as follow:
·Light rail power window regulator,
·Power window regulator motor.
Patents
-As of 2014, the Company has 29 patents, including 8 invention patents, 20 utility model patents, and 1design patents.
-As of 2014, Shanghai Brose Automotive Components Co., Ltd., a joint venture of the Company, has 24 patents, including 3 invention patents, and 21 utility model patents.
Investment in China
-Shanghai Lear STEC Automotive Co., Ltd., a joint venture between the Company and Lear Corporation of the U.S. signed a lease contract with West Shanghai Automobile Service Co., Ltd., under which the joint venture would lease a plant from West Shanghai Automobile Service. West Shanghai Automobile Service invested 80 million yuan in the 24,800 square meter plant in Kunshan based on a request from Shanghai Lear. The plant that was designed according to Shanghai Lear’s requirements would be completed and leased to Shanghai Lear STEC in May 2013. West Shanghai Automobile Service Co., Ltd. is engaged in logistics, car sales, and production of automotive plastic components. (From a press release, October 12, 2012)
-In May 2012, Shanghai Inteva Automotive Parts Co., Ltd. (previously called Shanghai ArvinMeritor Automotive Parts Co., Ltd.), which is a joint venture between the Company and Inteva Products of the U.S., held an opening ceremony for its new sunroof production facility at the Chengdu Economic and Technological Development Zone. The new plant was currently conducting trial production, aiming to start commercial operations at the end of 2012. With the capacity to produce 270,000 sets, the plant manufactured its products mainly for the neighboring Chengdu plant of FAW-VW. It also functioned as a development base for solar sunroofs. (From news releases issued by multiple sources on June 7, 2012)