Zhejiang Founder Motor Co., Ltd. Business Report FY ended Dec. 2022
Financial Overview |
(CNY millions) |
FY ended Dec. 31,2022 | FY ended Dec. 31,2021 | Change (%) | Factors | |
Sales | 2,330.64 | 1,890.77 | 23.26 | -For drive motors for New Energy Vehicles, the company has established partnerships with a number of manufacturers in China. -Expanded production capacity. |
Operating income | (331.54) | (8,405.11) | - | |
Ordinary income | (334.13) | (8,328.32) | - | |
Net income | (325.71) | 270.05 | - |
Equity change
Transfer 100% equity in Founder Hubei
-The company signed an equity acquisition framework agreement with Zhongzhen Hanjiang Equipment Technology Co., Ltd. (Zhongzhen Hanjiang) to transfer 100% equity in Zhejiang Founder (Hubei) Auto Parts Co., Ltd. (Founder Hubei) to the company. Upon completion of this equity transfer, Founder Motor will no longer hold equity in Founder Hubei, and Founder Hubei will no longer be included in the scope of the company’s consolidated statements. (From a Founder Motor SZSE press release dated April 5, 2023)
Alliances
-The company announced the signing of a strategic cooperation framework agreement with Guangzhou Xiaopeng Motors Technology Co., Ltd. (XPeng) for comprehensive strategic cooperation in the field of New Energy drive motors. As of May 2023, Founder Motor has supplied a total of over 160,000 drive motors to XPeng. In the future, the two parties will, on the basis of giving full play to their respective resource advantages and based on advanced drive motor technologies, build an efficient and synergistic drive motor supply system and enhance innovation capabilities and R&D efficiency. (From a Founder Motor press release dated July 4, 2023)
New energy related projects
-The company's s subsidiary, Founder Motor (Deqing) Co., Ltd., has commenced the construction of its New Energy Vehicle intelligent drive system manufacturing site in Moganshan High-tech Zone, Huzhou, Zhejiang. The plant project covers a total site area of 400,000 square meters with a total annual drive system capacity of 6 million planned in two phases, and this is the 1st phase of the project with an annual capacity of 3 million units and covers an area of 214,667 square meters. The future factory to be built will broadly apply technologies including digital twin, Internet of Things, big data, artificial intelligence and industrial Internet to realize digital design, intelligent collaborative production, green low-carbon manufacturing and intelligent management and control of the entire product life cycle. Founder Motor’s new energy electric drive products will be mainly for SAIC-GM-Wuling, XPeng, Geely, and NIO. (From a Founder Motor official WeChat account press release dated October 30, 2022)
-The company announced that it plans to invest CNY 3.2 billion to build an NEV (New Energy Vehicle) drive motor plant with an annual output of 3 million sets in Huzhou City, Zhejiang Province. The plant will be constructed in two phases. The first phase is expected to be put into operation before the end of March 2023, with an annual production capacity of 800,000 sets of NEV drive motors. The second phase will start production in October 2024, delivering an annual production capacity of 2,200,000 sets of NEV drive motors. (From a press release dated October 14, 2022)
-The company will build a New Energy Vehicle drive motor production base with an annual output of 1.8 million sets and expand the Lishui Founder Intelligent Motor Application Technology Research Institute in Lishui City, Zhejiang Province, with a total investment of CNY 1.2 billion. For these purposes, the company plans to raise up to CNY 1 billion. The new construction area will be 118,000 square meters. The expansion project of the Lishui Founder Intelligent Motor Application Technology Research Institute will construct a 12,600-square-meter building, introduce 14 sets of test equipment, and invite professional engineers to conduct development. It plans to make the Institute of Technology a platform for automotive motor innovation in China. (From a press release dated January 26, 2022)
R&D Expenditure |
FY ended Dec. 31,2022 | FY ended Dec. 31,2021 | FY ended Dec. 31,2020 | |
R&D Expenditure (CNY millions) | 216.90 | 162.38 | 119.15 |
Ratio of R&D expenses to Sales (%) | 9.31 | 8.59 | 10.43 |
-By the end of 2022, the Company had 498 R&D personnel, accounting for 17.98% of the total number of employees.
Research and development trends
Projects | Details | Progress |
220 flat wire motor upgrade | -Aiming to improve efficiency and reduce costs for large-scale mass-produced flat wire motors | In production, the upgrade plan is being verified |
800V high voltage round wire motor upgrade | -Aiming to improve efficiency and reduce costs for mass-produced and supplied products of 800V hiigh-voltage motor projects | In production, the upgrade plan is being verified |
Silicon carbide ultra-high voltage electronic controller | -Development of European standard controllers and integrated systems to support 800V motors -Meets functional safety ASIL-C standard |
Development completed |
HYCET 220 flat wire motor project research and development | Aiming for mass production | In production |
GSEV drive motor development |
-A00 Drive motor platform for small cars |
In production |
R&D Facility
-The Company has been certified as a technology enterprise by the Chinese government, and its R&D center has been certified by Zhejiang Province. The Company has a post-doctoral workstation and a provincial-class R&D center.
-In October 2017, Fangzheng Research Institute was established in Shanghai to conduct research and development on integrated systems for New Energy Vehicles.
-In September 2020, the Company established Lishui Founder Zhiqu Applied Technology Research Institute Co., Ltd. that conducts research and development activities on intelligent control systems, and motors and their control systems.
Certifications
-The company acquired IATF16949:2016, ISO9001:2015, ISO14001:2015, ISO45001:2018 system certification.
Others
-Vietnam Gaokerun Electronic Technology Co., Ltd., which was invested and established by the Company in Vietnam, has completed production line construction, customer certification and other work, and is currently preparing to develop and undertake orders from overseas customers. (From 2022 Annual Report)