Vitesco Technologies signs MoU for investment in NEV-related product manufacturing project in Tianjin

Shanghai (Gasgoo)- On August 2, the Management Committee of Tianjin Economic-Technological Development Area ("TEDA") signed a memorandum of understanding (MoU) on a new energy intelligent manufacturing investment project with Vitesco Automotive Tianjin Co., Ltd. (hereinafter referred to as "Vitesco Technologies"), according to a post on the WeChat account of TEDA.

In 2019, Vitesco Technologies invested in establishing an R&D center in the TEDA, marking a significant layout for the company in the field of new energy vehicles. This move successfully helped upgrade Vitesco Technologies Tianjin base into a "super factory" integrating R&D, testing, and production.

Photo credit: TEDA

The recent signing represents a further expansion and upgrade of Vitesco Technologies’ R&D center business, signaling the official launch of a new round of investment in core new energy products in Tianjin.

In this cooperation, Vitesco Technologies will continue to invest 1.2 billion yuan in fixed assets, focusing on the development of new energy vehicle R&D platforms and the production of core components. This investment will drive the company's electrical business layout in the city and contribute to the high-quality development of the NEV industry in the TEDA, Binhai New Area, and even Tianjin as a whole.

Thomas Stierle, a member of the Executive Board and head of the Electrification Solution Division at Vitesco Technologies, expressed his full confidence in the development of the new energy vehicle industry in Tianjin. He said the company has been cooperating with the Tianjin Economic Technological Development Area for many years and has achieved remarkable results. Currently, Vitesco Technologies has invested over 500 million euros in the field of electrification in China. In the future, it will continue to increase investment in the domain of electric mobility and turn its Tianjin R&D center into a globally leading iconic project in the electrification field.

Just one day ago (Aug. 1), Vitesco Technologies officially inaugurated its new R&D Center in Changchun city, the capital of Jilin province, on Aug. 1, marking its continued commitment to the localized strategy of "rooting in the market, serving the market”.