Zhongshan Torch Industry Group and Guangdong Yuchuan New Energy Technology Co signed a contract on November 27 to jointly build the Yuchuan new energy vehicle powertrain system manufacturing project.

The project is located in Minzhong District, Torch Development Zone. Five hundred million yuan will be invested to build production lines with an annual output of 1.8 million sets of new energy vehicle reducers and assembly lines with an annual output of 300,000 sets of new energy vehicle powertrain systems. Its annual output value is expected to hit three billion yuan after reaching design capacity.

"Zhongshan and Torch Development Zone's investment promotion teams actively approached us about our needs and gave us professional suggestions, which strengthened our confidence and determination to invest in Zhongshan," said Tang Yazhuo, chairman of Yuchuan (Shanghai) Drive Technology Co.

As the investor of Guangdong Yuchuan New Energy Technology Co, Yuchuan (Shanghai) Drive Technology Co is a high-tech enterprise focusing on the R&D, production and sales of high-speed reducers for new energy passenger vehicles.