Shaanxi Fast Auto Drive Group Company Business Report FY ended Dec. 2018
Recent Development
-During the 13th Five-Year Plan (2016-2020), the Company formulated a strategic goal: by the end of 2020, its sales will account for 50% in traditional markets, while 20% in smart and new energy vehicle markets, 20% in international markets, and 10% in capital and new business markets.
Contracts
-On November 13, 2018, the Company's AMT transmission received the first batch of orders from Chile. After nearly two years of program upgrades and technical improvements, AMT transmission reduced maintenance costs, enhanced safety and improved driving comfort. (From an article in corporate website on November 26, 2018)
-In April 2019, the Company received orders for 700 unit of 6DS150T passenger car transmissions and 700 units of FH400B series hydraulic retarders from the Middle East. (From an article in corporate website on April 29, 2019)
New Plant
-On November 5, 2018, Shaanxi Fast Gear Co., Ltd. and Eaton Corporation of the U.S. announced the launch of its joint transmission manufacturer. The new joint company is located in the Baoji High-tech Zone and has a registered capital of CNY 200 million. Shaanxi Fast Gear has 51% of the shares in the new company and Eaton 49%. It develops, manufactures and sells manual transmissions for the light-duty truck market in China. The total investment in this project is CNY 2 billion. Upon completion, the new plant can produce 500,000 transmissions for light-duty commercial vehicles a year. It also plans to sell the manual transmissions in the Asia Pacific, Eastern Europe, and Africa, as well. (From media reports)
Strategic Cooperation
-The Company signed a strategic alliance agreement with Chinasoft International Limited on April 13, 2018. The two companies are going to make use of their respective strengths in commercial vehicle parts, IT, manufacturing and other fields and jointly launch a new business model in the area of transmission manufacturing and IT technology. Chinasoft International is a leading supplier of globalization software and IT services. It provides all-around IT solutions. (From a press release on April 18, 2018)
-On May 30 Dayun Automobile Co., Ltd. (Dayun Auto) and Fast signed a strategic cooperation agreement in Xi’an City, Shaanxi Province. The partners will collaborate in product supply, technology research and development, and marketing. Fast will provide automotive powertrain products, technologies, and sales services to Dayun Auto. (From a Dayun Auto press release)
Awards
-In January 2019, the Company's "Key Technologies and Applications of Heavy Commercial Vehicle Powertrains" jointly completed by Weichai Power, Hande Axle and Shaanxi Heavy Duty Truck won the First Prize of National Science and Technology Progress Award. (From the Company's official website press release on January 14, 2019)
-In 2018, the Company won the following awards:
- Dongfeng Liuqi’s “Outstanding Contribution Award”
- SAIC Iveco Hongyan's "Strategic Supplier Award"
R&D Facilities
-Shaanxi Fast Auto Drive Engineering Technology Research Center is located in the Xi'an high-tech industries development Zone, including Reserch Institute Office, Design Research Institute, Processing Research Institute, Test Center, Material forming Center, Trial Manufacturing Center.
Patents
-As of Dec. 31, 2018, the Company had more than 1,000 core technology patents.
Investment in China
-On September 16, the Company completed the construction of its new production base of medium and light duty truck transmission in Baoji. With the investment of CNY 3 billion, the new plant was built on a 333,300 square-meter site in the Baoji High-tech Automotive Industrial Park. It will be engaged in the research and development, production and sales of transmissions for medium and light duty trucks and drive products for new energy vehicles. The company has completed the first phase of the factory building, an office building, employees' houses, and an office complex. At full operation, the new plant can produce 1 million sets of transmissions for medium and light duty trucks and drive products for new energy vehicles and create additional CNY 6 billion sales and 1,500 new jobs. In the future, it will also be the research and development base of transmissions for buses and cast and forged products as well, and boost the optimization of the market development of the group while accelerating the shift in automotive power mechanisms. (From an article in corporate website on September 25, 2018)