The Jiangyan district of Taizhou city – located in East China's Jiangsu province – is understood to be rapidly advancing its auto parts industry cluster through collaborative innovation.
Production gets underway at a plant in Jiangyan district. [Photo/m.jstv.com]
The establishment of the auto parts and precision manufacturing industry CTO alliance this year is widely viewed as having created a platform for enterprise technicians to exchange know-how, negotiate partnerships and pave the way for cooperation.
The goal is to build a shared, co-creative and mutually beneficial industrial ecosystem.
Jiangsu Pacific Precision Forging Co Ltd, a member of the alliance based in the Jiangyan Economic Development Zone, says it has achieved resource sharing, cost optimization and improved competitiveness.
The company expects to top 400 million yuan ($55.99 million) in annual sales by 2024, with a 20 percent market share and a three-year target of 600 million yuan in annual revenue.
As a leading auto parts producer in Jiangyan district, it has invested 330 million yuan in its technological transformation.
Introducing over 100 machine replacements and intelligent production lines, the company has significantly boosted its production efficiency.
With over 200 related enterprises forming an industrial cluster, Jiangyan district is outperforming other key industrial clusters in the region.
Overall, through collaborative innovation, Jiangyan district is said to be poised to become a thriving auto parts sector hub – boosting the local economy and advancing the industry supply chain.