Taicang commenced its new year with a groundbreaking ceremony for key projects on Jan 2, featuring the expansion project of Schaeffler's new energy key component base.

Renowned as a hub of German enterprises in Suzhou, Jiangsu province, Taicang prioritized this groundbreaking event as its premier activity of the year, highlighting the city's commitment to attracting foreign investment.

The expansion project for Schaeffler's new energy key component base covers an expansive area of nearly 75 mu (5 hectares), with a construction area exceeding 38,000 square meters.

This initiative stands as a pivotal project for the Schaeffler Group, aligning with the trends of low-carbon and electrification in the automotive sector. Given its vast market potential, the project is anticipated to invigorate Taicang's high-quality development.

Established in 1946 and headquartered in Herzogenaurach, Bavaria in Germany, the Schaeffler Group stands as a globally renowned automotive component supplier, leading the way in automotive manufacturing, industrial production, and aerospace sectors.

The group initiated its investment in the Taicang High-tech Industrial Development Zone in 1995 and established Schaeffler Group Greater China. The subsidiary has evolved into the Schaeffler's production base in China, establishing itself as the largest German intelligent manufacturing enterprise in Suzhou and even Jiangsu province.

This year, Taicang has preliminarily identified 190 key projects across provincial, municipal and county levels. In the first quarter, the city plans to commence 37 projects, each with an investment exceeding 100 million yuan ($13.98 million), totaling about 17.35 billion yuan.