|(in million yuan)
||Rate of increase (decrease)(%)
||-Sales increased year-on-year as a result of greater sales to foreign market.
||-Profit increased as a result of sales increased and materials trade increased
- Ener1, Inc., a U.S.-based lithium-ion battery manufacturer, announced on January 18 that its subsidiary, EnerDel, and Wanxiang Electric Vehicle Co., Ltd. have agreed to create a joint-venture company to produce lithium-ion batteries for electric vehicles. The new company, Zhejiang Wanxiang Ener1 Power System, will be owned 40 percent by EnerDel and 60 percent by Wanxiang Electric Vehicle, a division of the Wanxiang Group Corporation. The joint venture will manufacture lithium-ion batteries at Wanxiang Electric Vehicle's existing plant in Hangzhou, while harnessing EnerDel's cutting edge technology and intellectual property rights. Its production volume is expected to reach 40,000 batteries in 2014. (From news releases issued by multiple sources on January 21, 2011)
- The Company and Magneti Marelli S.p.A of Italy signed an agreement to establish a joint venture company at the Xiaoshan Economic & Technological Development Zone, Hangzhou. The new company, Zhejiang Wanxiang Marelli Shock absorbers Co., Ltd. (tentative name), will be capitalized at 100 million yuan, provided in cash 50-50 by the Company and Magneti Marelli. Investment in the project is expected to reach 136 million yuan. The joint venture will handle research and development, production and sales of shock absorbers and related components, as well as consulting business and after-the-sale services. The plant will have the capacity to produce 5.7 million shock absorbers a year by 2015 after the first phase of the construction project is completed. Its yearly sales are expected to total approximately 450 million yuan, and net profit is projected to reach 43.87 million yuan. (From an announcement by the company, July 27 2011)
- In April 2010, the Company raised capital for the purpose of establishing new facilities to manufacture 8.4 million constant velocity drive shafts a year. As part of this project, the company will build a new plant to produce 3 million constant velocity drive shafts a year in Wuhu City, Anhui Province. (From an announcement by the company, March 14, 2011)
- Zhejiang Wanxiang Jinggong Co., Ltd., which is a subsidiary of the Company completed the first phase of the construction project at its new wheel hub bearing plant in Taizhou, Jiangsu. Operations at the new facility began on March 28, 2011 with an annual production capacity of 2.5 million sets. At the same time, the second phase of the project was launched to build an additional facility on 70,000 square meters of land. The company aims to increase the Taizhou Plant’s total production capacity to 10 million sets a year by 2014. The addition of the Taizhou operations is expected to double the company’s overall production capacity from the current 10 million sets to 20 million sets by 2014, contributing to raising the company’s market shares to 50 percent in China and 10 percent in the international market. (From a press release, April 7, 2011)