Midea Group Accelerates the New Energy Auto Parts Business
According to data released by the China Association of Automobile Manufacturers, in the whole year of 2021, China's automobile production and sales will reach 26.082 million and 26.275 million sets, with increases of 3.4% and 3.8% year-on-year, ending the three-year downward trend. Among them, the production and sales of new energy vehicles were 3.545 million and 3.521 million sets, with a year-on-year increase of 1.6 times.
The rapid development of new energy vehicles has injected new momentum into the automotive industry. After a three-year adjustment period, the decline has rebounded, bringing new business opportunities to upstream and downstream enterprises in the automotive industry, and boosting the confidence of many companies entering the field.
On January 12, Anqing Welling Auto Parts Co., Ltd., an indirect wholly-owned subsidiary of Midea Group, Guangdong Welling Auto Parts Co., Ltd was established, with a registered capital of 200 million RMB, mainly engaged in manufacturing, wholesale, research and development of auto parts.
It is understood that Guangdong Welling Auto Parts Co., Ltd. is jointly funded by Midea Group and Foshan Midea Air Conditioning Industrial Investment Co., Ltd. Among them, Midea Group has a share of 95% and Foshan Midea 5%.
It is understood that as early as 2003, Midea Group has been involved in the field of commercial vehicles. From 2004 to the beginning of 2006, Midea Group successively acquired three companies: Yunnan Passenger Coach Factory, Yunnan Aerospace Shenzhou Automobile Co., Ltd. and Hunan Sanxiang Bus Group Co., Ltd. Afterwards, the car manufacturing project was suspended due to poor management. After that, Midea focused on the parts business of new energy vehicles. In 2018, Midea Group established Midea Welling Auto Parts Company, developing its auto part field.
In May 2021, Midea officially announced the electromechanical strategic layout, released a variety of auto parts, and announced that the three major product lines were officially put into production, including electric compressors, shared platform electronic water pumps, drive motors, electronic oil pumps, EPS (Electric Power Steering System) motors, covering thermal management, electric drive, and intelligent driving.
At present, the new energy vehicle business has become one of the core strategies of Midea Group. On January 12, 2022, Hongbo Fang, Chairman and President of Midea Group, made it clear that the industrial layout of new energy vehicles is a very important strategic direction for Midea's future.
Recently, Jintao Chen, the general manager of Midea Welling Auto Parts Company, revealed that Midea's new energy vehicle business has officially come to an inflection point of booming, and will enter the supply chain of half of the world's mainstream new energy vehicle customers this year. The company has put forward the 333 strategy internally, focusing on core components in the past three years, integrated components in the first three years, and becoming a system-level solution provider for new energy vehicles in the second three years.
According to the data, Midea Auto Parts has established five R&D centers in the world. Among them, the product technical directions of Anhui Hefei R&D Center and Guangdong Shunde R&D Center are motors, electronic controls, and compressors; the product technical directions of Shanghai and Sheffield R&D centers in the United Kingdom are motors and electronic controls; Japan's Osaka R&D Center is compressors. The five products of the three product lines of Midea Group's new energy vehicle business have all been developed and are in the testing stage.
The rapid development of new energy vehicles has injected new momentum into the automotive industry. After a three-year adjustment period, the decline has rebounded, bringing new business opportunities to upstream and downstream enterprises in the automotive industry, and boosting the confidence of many companies entering the field.
On January 12, Anqing Welling Auto Parts Co., Ltd., an indirect wholly-owned subsidiary of Midea Group, Guangdong Welling Auto Parts Co., Ltd was established, with a registered capital of 200 million RMB, mainly engaged in manufacturing, wholesale, research and development of auto parts.
It is understood that Guangdong Welling Auto Parts Co., Ltd. is jointly funded by Midea Group and Foshan Midea Air Conditioning Industrial Investment Co., Ltd. Among them, Midea Group has a share of 95% and Foshan Midea 5%.
It is understood that as early as 2003, Midea Group has been involved in the field of commercial vehicles. From 2004 to the beginning of 2006, Midea Group successively acquired three companies: Yunnan Passenger Coach Factory, Yunnan Aerospace Shenzhou Automobile Co., Ltd. and Hunan Sanxiang Bus Group Co., Ltd. Afterwards, the car manufacturing project was suspended due to poor management. After that, Midea focused on the parts business of new energy vehicles. In 2018, Midea Group established Midea Welling Auto Parts Company, developing its auto part field.
In May 2021, Midea officially announced the electromechanical strategic layout, released a variety of auto parts, and announced that the three major product lines were officially put into production, including electric compressors, shared platform electronic water pumps, drive motors, electronic oil pumps, EPS (Electric Power Steering System) motors, covering thermal management, electric drive, and intelligent driving.
At present, the new energy vehicle business has become one of the core strategies of Midea Group. On January 12, 2022, Hongbo Fang, Chairman and President of Midea Group, made it clear that the industrial layout of new energy vehicles is a very important strategic direction for Midea's future.
Recently, Jintao Chen, the general manager of Midea Welling Auto Parts Company, revealed that Midea's new energy vehicle business has officially come to an inflection point of booming, and will enter the supply chain of half of the world's mainstream new energy vehicle customers this year. The company has put forward the 333 strategy internally, focusing on core components in the past three years, integrated components in the first three years, and becoming a system-level solution provider for new energy vehicles in the second three years.
According to the data, Midea Auto Parts has established five R&D centers in the world. Among them, the product technical directions of Anhui Hefei R&D Center and Guangdong Shunde R&D Center are motors, electronic controls, and compressors; the product technical directions of Shanghai and Sheffield R&D centers in the United Kingdom are motors and electronic controls; Japan's Osaka R&D Center is compressors. The five products of the three product lines of Midea Group's new energy vehicle business have all been developed and are in the testing stage.
