Power transmission gear maker Taizhou Lihua Gear Manufacturing Co Ltd – located in the Hailing district of Taizhou city in East China's Jiangsu province – is expanding into the new energy vehicles market.
The company is extending its technological reforms and product range to boost its premium-quality industrial development.
As one of the earliest professional manufacturers of cylindrical gears in China, the company has embraced automated production, with the workshop automation rate now at 60 percent.
At the start of the year, the company invested 10 million yuan ($1.4 million) to buy three new sets of equipment, which have greatly improved production efficiency, said Han Jun, director of the company's engineering technology research center.
In line with the country's dual carbon goals of peak carbon dioxide emissions by 2030 and carbon neutrality by 2060, the company has focused on the path to new energy. It's accelerated the pace of its new product development around the gears of new energy vehicles since 2018.
This year, the company invested 5 million yuan in developing four new products suitable for new energy vehicles.
Han Jun said his company had an annual investment of no less than 4 percent of sales revenue – deployed as research and development funds for project research and personnel recruitment – in a bid to keep competitive.
Statistics showed the company achieved its annual target sales by the end of October and its sales for the whole year are projected to exceed the target by 30 percent.
An example of the products that Taizhou Lihua Gear Manufacturing Co makes. [Photo/WeChat account: weihailing0523]