On the morning of September 26, 2020, the groundbreaking ceremony of Shandong Baoya·FAW Jilin New Energy Vehicle Base was held in Yantai Economic Development Zone. Zhang Shuping, Secretary of the Yantai Municipal Party Committee, delivered a speech and announced the start of the project. Chen Fei, Deputy Secretary of the Municipal Party Committee and Mayor in Yantai, and Mu Hongwei, chairman of Shandong Baoya New Energy, delivered speeches respectively. Zhao Hang, director of FAW Group, Wang Yunfei, Executive Deputy General Manager of FAW Jilin Automobile Company, and municipal leaders Wang Xiaomin, Zhu Xiuxiang and Zhang Dailing attended the meeting.

  "Made in Yantai" new energy vehicles are coming! As a landmark project in the transformation and upgrading of Yantai's automobile industry, Shandong Baoya-FAW Jilin New Energy Vehicle Base completed the project start-up preparation in only half a year, creating a new record for the construction of Yantai Economic Development Zone projects.

  After Baoya completed the capital and share expansion of FAW Jilin Automobile Co., Ltd. at the end of last year, with a reliance on FAW Jilin's vehicle qualifications and brand advantages, it invested in the construction of a new energy vehicle production base in Yantai, and simultaneously established a research and development center, a sales center, an import and export center etc. The total investment of the project is 10 billion yuan, which will be constructed in two phases, of which the total investment of the first phase is 4 billion yuan. The construction period is 18 months. It mainly builds five process workshops of punching, welding, painting, final assembly and PACK, with a planned annual production capacity of 100,000 new energy vehicles. After reaching production capacity, it is estimated that the annual sales income will be 11.3 billion yuan, and the annual profit and tax will be 1.5 billion yuan.

  The start of the project marks a new starting point for FAW Jilin's national strategic layout, opening a new chapter in the development of Yantai and even Shandong's new energy vehicle industry, which further magnifies the advantages of Yantai's automobile industry chain and supply chain agglomeration, An industrial "circle, chain, system and ecology" from new energy vehicle research and development, production to sales has been set up, forming a new collaborative pattern of SAIC-GM and FAW Baoya and traditional vehicles and new energy vehicles, accelerating the realization of the goal of "producing 1 million vehicles in Yantai".

  Not only production base and sales center, but also the R&D center are all set up in the Yantai Economic Development Zone, extending the local new energy vehicle industry chain. Shandong Baoya Electric Vehicle Research Institute, the first provincial-level enterprise technology center for electric vehicles in Shandong Province, is also the first batch of electric vehicle enterprises to be approved as provincial-level high-tech enterprises. The Institute is of the research and development capabilities of the whole process from modeling design to test evaluation of electric vehicles and electrical core components.

  "Yantai, with a leading and efficient development concept for the automobile industry, a complete supporting system and industrial clusters, is the third largest export port for commercial vehicles in China." said by Mu Hongwei, Chairman of Baoya Group, "Yantai's development of the new energy automobile industry is endowed with a high starting point and fast action, Baoya will actively participate in the development of Yantai' new energy vehicle industry. I believe that in the future, more vehicle enterprises and vehicle supporting enterprises will come here to invest and start their businesses to jointly build Yantai into China's largest and best-equipped new energy vehicle city."

  The strong alliance supports Yantai's new automobile business. FAW Jilin Automobile, as a wholly-owned subsidiary of China FAW, after 38 years of development, has become an important force of China FAW's own brand with its leading domestic automobile manufacturing capabilities. Baoya, which participated in the mixed-ownership reform of FAW Jilin, is a high-tech joint-stock enterprise specializing in the R&D and production of new energy electric vehicles. It boasts a professional and efficient R&D team, advanced production technology and operation mode.