On January 26, 2024, the relocation and unveiling ceremony of Sinovation Electric Vehicle Technology Group. (hereinafter referred to as "Sinovation) was grandly held at Zhaofeng Industrial Base in Zhaoquanying Town, Beijing.
Lin Cheng, Chairman of Sinovation, stated during the introduction of the new base that as the company's high-precision and cutting-edge research and development base and northern production base, Sinovation Electric Vehicle Technology Group full base will have the ability to produce 50000 to 100000 sets of new energy commercial vehicle powertrain and drive systems after production, and is expected to achieve an annual output value of 500 to 1 billion Chinese yuan. After joining the company, we will increase our efforts to upgrade our production lines, achieve intelligent factory upgrades, improve quality and efficiency, and enhance product competitiveness.
The R&D and industrialization construction project for the electronic control and drive system of Sci Tech Hua Innovation Electronic Commercial Vehicles started construction in June 2022, was completed in December 2023, and is expected to be put into operation in March 2024. The total investment of the project is 210 million yuan, covering an area of 24.94 acres (16627 square meters) and a building area of 32796 square meters. At present, the R&D building and factory have completed infrastructure construction and decoration, and equipment relocation is about to be completed and put into production.
Sinovation’s main business is gradually expanding from electronic materials to the core components, materials, and specialized vehicle chassis of new energy vehicles. The completion of Zhao Quanying Base will enhance the overall strength of the company and is an important milestone in its development. The construction and operation of the new factory area is a milestone in the company's development, which will promote the company's upgrading and enter the fast lane of development.