Yinlong approaches Gree in sales revenue success

Yinlong New Energy chairman Wei Yincang says sales revenues will make the company Zhuhai's second hundred-billion-yuan ($14.5 billion) enterprise after Gree Electric Appliances.

He announced recently that as an innovation pioneer, Yinlong will guide worldwide new-energy development and make new-energy vehicles the main force in fighting smog.

Yinlong has been placed on a fast-growth track since the beginning of the year, with capacity improved, costs reduced, and investment in R&D and innovation increased, Wei stated.

Zhuhai Yinlong New Energy [Photo by Zhong Fan / Zhuhai Daily]

Yinlong New Energy in sales grew by 110 percent last year compared to 2015. In the ranking of 2016 pure-electric bus market share, Yinlong ascended to 5th place after it emerged as a dark horse from the 7th on the list in 2015. More than 6,200 electric buses were ordered last year, and Yinlong’s are running in over 40 cities nationwide.

Yinlong obtained capital increment from Gree president Dong Mingzhu, Wanda Group, JD.com and China International Marine Containers (Group) Ltd (CIMC) at the end of 2016, and embarked on several other major strategic partnership projects at the beginning of this year.

On March 8, shareholders approved a 20-billion-yuan ($3 billion) year-based agreement between Yinlong and Gree. The deal promotes multi-field cooperation and prioritizes the purchase of each other's products and services. Moreover, Yinlong signed a strategic partnership framework agreement with CIMC at the end of last month for deep cooperation in new-energy commercial vehicles, shipping container modular mobile charging, and energy storage systems.

The fourth generation of Yinlong’s lithium titanate batteries with high-energy density decreased costs by 40 percent and enhanced energy density by 60 percent compared to the third-generation products. Its titanium core technology helped solve the problem of endurance mileage on new-energy vehicles by combining lithium titanate batteries with fuel cells. The prospective product will be put on the market for spread and application.