Jiangsu Gangyang Stock officially signed an agreement for its large-displacement crankshaft smart manufacturing project in the Hailing High-tech Industrial Development Zone on Oct 29.
Covering 8.4 hectares, the project will receive an investment of 1.05 billion yuan ($147.95 million) and see the construction of 10 intelligent production lines, aiming for an annual output of 3 million sets of crankshafts and projected sales of 1.2 billion yuan upon full operation.
Chen Jie, president and chairman of Gangyang Stock, emphasized that the project will enhance production capacity and create new growth drivers. The company aims to build a global network spanning three domestic bases and overseas operations, aligning technology, capacity, and market expansion.
The automotive and auto parts industry has become the fastest-growing sector in Taizhou in recent years, doubling in scale in the past four years, from 38 billion yuan in 2020 to 82 billion yuan in 2024. Hailing district, renowned as a hub for auto parts in China, stands out with its solid industry foundation.
Gangyang, founded in 1958 and a global leader in small power shafts with 45 percent market share, expects sales to exceed 4 billion yuan by 2025, growing over 10 percent year-on-year. This project underscores Hailing's push toward a 10-billion-yuan industrial cluster in automotive parts.