Haiyuan New Materials to deepen cooperation with Geely in the field of automobile lightweighting
Haiyuan Machinery’s wholly-owned subsidiary Haiyuan New Materials and Yiwu (a Chinese city situated in the Zhejiang province) management committee signed a letter of intent to invest about CNY 1.2 billion (US$ 240 million) in the construction project of a new "Haiyuan New Materials - Yiwu production base".
The aim is to further deepen cooperation between the company and Geely New Energy in the field of automotive lightweighting. The first phase of the project will be completed and put into operation within 24 months after obtaining the construction permit. The second phase will start construction in 2019.
According to HYM, the “Haiyuan New Materials - Yiwu production base” will be located in Yiwu Economic and Technological Development Zone, adjacent to Geely New Energy company's regional base. The first phase of the project comprises two standard production lines with a capacity of 400 tons/year of SMC automotive lightweight products and LFT-D automotive lightweight products, as well as two carbon fiber production lines. The second phase of the project includes four production lines of SMC lightweight products and four carbon fiber production lines.