Beijing (ZXZC)- China’s major auto part supplier Bethel Automotive Safety Systems Co., Ltd. (WBTL) reported annual revenue of RMB3.492 billion ($548.44 million) in 2021, up 14.81% from a year ago.

Photo credit: WBTL

WBTL’s net profit amounted to RMB505 million ($79.31 million), representing a 9.33% year-on-year increase. Notably, the company’s 2021 annual revenue and net profit hit a new high. 

WBTL’s products can be divided into two sectors, traditional mechanical braking products, and intelligent electrical control products. In 2021, the company’s growth in traditional business operations had slowed down, with revenue of RMB2.096 billion ($329.2 million), edging up 2.07% year on year.

On the other hand, WBTL has been enlarging its investments in the electrical control braking business sector, and its products have entered the mass production phase. In 2021, the company manufactured and sold 1,317,884 and 1,316,991 sets of intelligent electrical control products, surging 58.32% and 57.20% from a year ago, respectively. The products brought WBTL RMB1.275 billion ($200.25 million) in revenue, 65.43% more from 2020. 

In the past year, WBTL started 119 projects, involving 57 vehicle models, 43 new energy vehicle projects, and 23 new energy vehicle models. In June 2021, WBTL’s new WCBS production line was put to work. The line has a designed production capacity of 300,000 sets of WCBS annually. 

Notably, WBLT had also been enlarging its investment in R&D. In 2021, the company poured RMB239 million ($37.54 million) into 189 projects, involving 96 new vehicle models, 35 of which are new energy vehicles.