Shanghai (ZXZC)- On January 25, Fuyao Group, a large multinational company specializing in the manufacture of automobile safety glass and industrial technical glass, declared its intention to establish three wholly-owned subsidiaries in Hefei, with a total investment of 5.75 billion yuan. This move is aimed at further expanding the company's production and sales scale, meeting the growing demand in the automotive market for Fuyao's automotive safety glass and automotive accessories glass.

Photo credit: Fuyao Group

Fuyao Group's new investment will ultimately result in an annual production capacity of approximately 26.1 million square meters of automotive safety glass and the establishment of two high-quality float glass production lines.

According to the official announcement, Fuyao Group plans to invest 5.75 billion yuan in setting up three wholly-owned subsidiaries: Fuyao Glass (Hefei) Co., Ltd., Fuyao Glass (Hefei) Accessories Co., Ltd., and Hefei Fuyao Float Glass Co., Ltd. (tentative name, subject to registration by the market supervision and administration department). The three companies will respectively focus on automotive safety glass, automotive safety glass components, and high-quality float glass.

Hefei, as the capital city of Anhui Province, holds significance as a political, economic, cultural, and transportation center. Recognized as one of China's key science and education bases and manufacturing hubs, it is part of the quartet known as the Four Major Science and Education Cities along with Beijing, Shanghai, and Tianjin. Fuyao Group emphasizes the rapid development of Hefei's automotive industry, especially in the new energy sector, with the city designated as the sole national pilot city for the construction of the new energy vehicle industry chain supply chain ecological system.

In recent years, Hefei has seized opportunities in the automotive industry, particularly in the booming new energy vehicle sector. Statistics from Hefei Municipal Bureau of Statistics indicate a remarkable 29.2% growth in the value-added of the automotive manufacturing industry and a substantial 37.2% increase in the production volume of new energy vehicles in 2022.

Just over a month ago, on December 30, 2023, Fuyao Group disclosed its plan to establish another wholly-owned subsidiary, Fuyao Glass (Fujian) Co., Ltd. (tentative name), in Fuzhou city, Fujian Province. The company is set to invest 3.25 billion yuan here for the construction of an automotive safety glass project, equipped with advanced modern production equipment, ultimately achieving an annual production capacity of approximately 20.5 million square meters of automotive safety glass.