Recently, the official website of Wanxiang Group disclosed that two Wanxiang projects are conducting public participation information disclosure on environmental impact assessment. One is an annual output of 80Gwh lithium battery project, with a planned investment of 68.574 billion yuan; the second is an annual output of 50,000 vehicles for additional programs The pure electric passenger vehicle project, with a planned investment of 2.745 billion yuan, is located in Xiaoshan Economic and Technological Development Zone.
With 71.3 billion yuan betting on the new energy business sector, Wanxiang once again proved its determination to build a car with its actions. Perhaps, the phrase "do something meaningful in your life" printed on the homepage of Wanxiang's official website has become Wanxiang's spiritual creed. Building a car, even if it is "a fool to move a mountain", has to make a way in the field of new energy vehicles.
Investment and M&A boom from A123 to Fisker Wanxiang
In 1999, Wanxiang, which was already prosperous in the field of key auto parts, announced that it would enter the auto industry early to build clean and cheap new energy vehicles. Three years later, Wanxiang Electric Vehicle Co., Ltd. was established. Wanxiang officially became an emerging car-making force at that time, and started self-development, mergers and acquisitions, and investment in clean energy with a cumulative investment of nearly 10 billion yuan.
Among them, the largest acquisition was from the United States A123. In July 2012, the lithium battery giant American A123 Systems, which had accumulated losses of about 700 million US dollars, filed for bankruptcy, setting off a wave of international looting of A123 (A123 in the United States is the world leader in the field of lithium battery materials. ). In the end, Wanxiang defeated Johnson Controls of the United States, Japan Electric (NEC) and Siemens of Germany, and successfully acquired the entire equity of the American lithium battery manufacturer A123 Systems for US$257 million.
Since then, the American A123 has become the Wanxiang A123, and Wanxiang has also transformed itself from a traditional parts supplier into a power battery company with great potential. However, after the acquisition of A123, Wanxiang Group did not use A123 as the core to develop the battery business, but used it as a springboard to further approach the field of electric vehicles.
In 2014, Wanxiang acquired the Fisker Motor Company (built for 1.4 billion US dollars), founded by Hendrick Fiske, who served as the president of BMW and Ford Design Center, at a "cabbage price" of US$150 million, and changed its name. For Karma Motors, builds a new plant in Moreno Valley, Southern California, USA. It is worth mentioning that Fisker once competed with Tesla in the field of new energy vehicles, and was called Tesla's lifelong enemy by many industry insiders.
Although Wanxiang, which successively acquired A123 and Fisker in the United States, failed to skyrocket at the time, it has actually become a potential giant in the field of new energy that cannot be underestimated. Since then, Wanxiang has also successively invested in SolidPower and Ionic Materials in the United States to strengthen its research and development capabilities in the field of new power batteries—solid-state batteries.
For a long time, Wanxiang's new energy business has become a reality
If Wanxiang's previous series of R&D, investment, and mergers and acquisitions were a kind of dormant "hidden dragon in the abyss", then Wanxiang in the past two years has actually shown a posture of a dragon going out to sea.
In February 2017, Wanxiang A123 received an order from SAIC-GM for 2.6 million sets of 48-volt super lithium iron phosphate batteries, with an order value exceeding US$1 billion. In December of the same year, the official website of Wanxiang Group announced that Wanxiang A123 was selected as the power battery supplier for the GM/SAIC-GM BEV2 project (the news was subsequently deleted, but not denied).
It is reported that the BEV2 project is a long-term business of more than 500 million US dollars, and Wanxiang A123 has been qualified as a designated supplier of almost all types of battery business of General Motors/SAIC-GM. It is expected that by 2020, Wanxiang will occupy more than 85% of the market share of SAIC-GM's total battery consumption.
In addition, thanks to the rise of the plug-in hybrid market, Wanxiang A123 has entered the top ten in the ranking of power battery installed capacity from January to August this year, ranking eighth, becoming a real lithium battery giant. So far, Wanxiang Group has the international leading production and R&D capabilities and technologies in power batteries, start-stop batteries, and energy storage batteries. It has 7 R&D bases and manufacturing bases around the world, and its battery business orders exceed 30 billion yuan.
On the other hand, in 2016, Karma Automobile, a subsidiary of Wanxiang Group, completed the construction of its factory in the South Industrial Zone of Moreno Valley, Southern California, USA. First delivery to customers from the Reynolds Valley plant and global sales at 14 North American dealerships.
In September of this year, the Revero, Karma Motor Company's first luxury extended-range hybrid vehicle, was officially unveiled to the world in Southern California. It is understood that the $130,000 luxury model is the world's first hybrid model that simultaneously covers electricity, gasoline and solar energy.
At this time, Wanxiang has completed the closed loop from electric vehicle parts to complete vehicle R&D and production, and is in the T1 ranks in R&D technology in various fields. There is an old Chinese saying, "Build walls high, store grain widely, and be king slowly", which probably describes Wanxiang's delicate and durable layout.
With another huge investment, can Wanxiang soar to the sky?
Today, Wanxiang plans to build an 80Gwh lithium battery and 50,000 extended-range pure electric passenger vehicle projects in Xiaoshan Economic Development Zone with an additional 71.3 billion yuan, which will further "bright sword" in the field of new energy.
In fact, as early as May 2017, Wanxiang Group announced that it would invest 200 billion yuan in the next 7-10 years to build a 10-square-kilometer digital city in Xiaoshan, Zhejiang, with new energy vehicles and related manufacturing as the core—— "Wanxiang Innovation Energy Gathering City". Obviously, this huge investment is the core component of "Wanxiang Innovation Energy Gathering City".
In terms of technology, capital and supply chain, Wanxiang is ready to soar. However, recently, Wanxiang's new energy pace seems to have encountered a little obstacle.
On November 7, the Ministry of Industry and Information Technology produced the first batch of "Special Public Notice of New Energy Vehicle Manufacturers (First Batch)", and Wanxiang Electric Vehicles was listed, and its "Announcement of Road Motor Vehicle Manufacturers and Products" will be suspended. The declaration of new energy vehicle products is based on the reason that new energy vehicles will not be produced for a long time after obtaining the qualification.
On the other hand, in September of this year, General Motors announced that it had planned to produce a hybrid vehicle "Buick Velite 6" in October, but the production would be delayed. Some industry insiders said the reason was that the batteries produced by A123 Systems, a subsidiary of Wanxiang Group, failed to meet the General Motors performance and safety standards.
In addition, Wanxiang Group, which has been deeply involved in the automotive field for 19 years, has not yet produced a new energy vehicle product that is sufficiently competitive in the market. Compared with the above two points, the car products that did not hit the market are the more fatal pain point for Wanxiang.
Although it entered the automotive field in 1999 and established a car company in 2002, Wanxiang has always been an emerging car-making force in the Chinese auto market. As we all know, 2018 is a watershed for emerging car-making forces. Whether there are mass-produced models is The essential. From this perspective, Wanxiang, with its picturesque supply chain, is already far behind in China's new energy vehicle market.
Of course, latecomers also have the advantage of latecomers, at least avoiding the fluctuations in the choice of early new energy vehicle technology routes, as well as the brand price drop caused by technological backwardness. As for whether Wanxiang Motors, which has been planned for 19 years, can finally be silent, it has become a blockbuster. It has become a blockbuster to create a new energy empire. It depends on whether the subsequent models can meet the consumer psychology of various segments.
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