Jinhua has made achievements in the new energy automobile industry. Sunwoda is at the top of the list of emerging manufacturers. On September 21, Yiwu’s Sunwoda New Energy Power Battery Project signed a contract with Yiwu People’s Government. This is the largest manufacturing project invested in Jinhua so far. The total planned investment is about 21.3 billion RMB. It plans to build a power battery and energy storage battery production base with an annual production capacity of about 50GWh. After it is put into operation, the annual output value will reach 35 bn RMB.

The second one is in VMV (China). On September 20, the new energy vehicle project of VMV started in Jinyi New District with a total investment of 10 bn RMB. The project is designed to produce 100,000 “smart passenger vehicles (SPV)” on a yearly basis and is scheduled to begin production in 2024. It is committed to building a world-leading smart factory for a new generation of high-end new energy passenger vehicles.

The third one is in Leapmotor. On September 20, Zhejiang Leapmotor Technology Inc. announced on the Hong Kong Stock Exchange that the number of Hong Kong IPO global offering reached 131 million shares, and the share price is between HK$ 48-62. Trading on the Stock Exchange began under the ticker symbol 9863. To date, Leapmotor has become the fourth “new car manufacturer” in China after NIO Co., Xiaopeng Co., and Lixiang Co. Among them, Leapmotor Co., is an important production base located in Jinhua. On June 28, the 100,000th mass-produced car rolled off the assembly line.

Jinhua’s Industrial platforms are relatively agglomerated. At present, Jinhua has a total of 10 high-level platforms focusing on advanced manufacturing, of which three are related to the new energy automobile industry, namely Lanxi New Energy and New Materials Industry Platform, Jinhua New Energy and Health Bio-Industry Platform, and Yiwu Green Power industry platform. The industrial chain is relatively comprehensive. Jinhua is actively promoting the development of the new energy vehicle and parts industry agglomeration, forming complete vehicle production focusing on energy-saving vehicles, pure electric vehicles, and plug-in hybrid vehicles. The auto parts production focuses on power batteries and motors systems.

Leading enterprises have a strong influence. For instance, in the battery field, Sunwoda entered the Lanxi New Energy and New Materials Industry Platform and invested 5.2 bn RMB to build a lithium battery project that was mass-produced last year.

In the field of complete vehicles, relying on the leading enterprises of new energy vehicles such as Leapmotor and Geely, Jinhua has actively made breakthroughs in the key technologies such as powertrain, vehicle design, and vehicle matching. Leapmotor delivered 12,525 vehicles in August, hitting a new high for four consecutive months with a year-over-year increase of over 180%, standing firm in the first camp of “new car-making forces.” In the field of electric drives, Lanxi’s disk hub power ranks first worldwide in the field of axial magnetic field motors. Zhejiang Innovation Drive Technology Co. in the Jinyi New District has been cultivating the core technology of the new energy vehicle start control system. The self-developed motor controller and electric drive system assembly have been selected as the first set of products with the greatest influence in the manufacturing industry.

According to the data at the end of 2021, Jinhua Energy Conservation and New Energy Vehicle and Parts Industry had a total of 136 industrial enterprises above the designated size, with a sales revenue of 32.56 bn RMB. (By Chen Haoyang, translated by Zhang Jiajia, edited by Daniel Haws)