Ningbo Tuopu Group projects at least 41% YoY jump in net profit in Q1 2022

Beijing (Gasgoo)- China’s leading auto parts supplier, Ningbo Tuopu Group projected a 50% to 54% year-on-year surge in revenue in the first quarter of 2022, according to the company’s performance preannouncement released on March 29th.

Photo credit: Tuopu Group

In the first quarter of 2022, the estimated revenue of the group amounted to RMB3.63 billion to RMB3.73 billion ($569.84 million to $585.54 million). Its projected net profit equaled RMB346 million to RMB386 million ($54.32 million to $60.59 million), jumping 41% to 57% from a year ago. 

Tuopu Group attributed the significant growth in its Q1 performance to the successful launch of its product platform strategy and its Tier0.5 marketing strategy. Specifically, its lightweight chassis and thermal management business sectors increased with momentum. Meanwhile, its steer-by-wire chassis-related steering system, braking system, and air suspension system saw substantial development, pushing forward Tuopu Group’s overall revenue. 

The company holds the technique of forming high-strength steel and six major light metal alloy, completing its product lineup. Tuopu Group’s lightweight chassis has landed it numerous mass production orders from major automakers worldwide, including Rivian, NIO, XPeng, BYD, WM Motor, and Leapmotor.