Shanghai (ZXZC)- Midea Group plans to offer system-level solutions for new energy vehicles (NEVs), according to a local media outlet, citing a person with the Chinese home appliance giant.

Photo credit: Midea Group

As for NEV business, the group has currently formed three product lines dedicated to thermal management, electric drive, and intelligent driving respectively. It is ambitious to enter the supply chain of half of the world's mainstream NEV manufacturers this year, said the person with direct knowledge.

According to the corporate database Tianyancha, Anqing Welling Auto Parts Co.,Ltd. was incorporated on Jan. 12 in Anqing city, Anhui province. It is indirectly wholly held by Guangdong Welling Auto Parts Co.,Ltd, which is co-controlled by Midea Group and Foshan Midea Air Conditioning Industry Investment Co., Ltd. The new subsidiary features a line of businesses covering manufacturing, R&D, and wholesale of auto parts.

The aforesaid person revealed that a new auto components manufacturing base will be built and Midea Group has set a ten-year planning for this project.

Midea Group has rolled out a slew of Welling-branded auto parts products, including electronic power steering, electric water pump, electric fuel pump, and compressor.

Midea Group's auto parts unit Welling eyes an annual revenue of 10 billion yuan ($1.575 billion) over the next five years.