CWB Automotive Electronics Co Ltd in Wenzhou, Zhejiang province. [Photo/wzrb.com.cn]
CWB Automotive Electronics Co Ltd, a Wenzhou-based company, is set to make a significant leap into the global automotive market by establishing a new production base in Germany, the heart of the automotive world.
With an investment of up to 30 million euros ($32.47 million), CWB Automotive aims to expand its reach in the European market and integrate more deeply into the supply chains of the continent's leading car manufacturers.
Since its A-share market debut in 2021, CWB Automotive has been a key player in the development and sale of automotive and consumer electronics. The company has partnered with top-tier suppliers like Bosch and Continental to supply renowned car brands such as Volkswagen and BMW.
The strategic move to build a factory in Germany is driven by CWB Automotive's ambition to be at the forefront of the automotive industry in Europe.
Germany's reputation as the "Automobile Kingdom" is well-earned, with over a century of automotive history and the birthplace of iconic brands like Mercedes-Benz and Audi.
The new subsidiary, CWB Technology Gemrany GmbH, will have a modest registered capital of 25,000 euros, but the ambitious investment plan encompasses the construction of the factory and facilities and the acquisition of advanced equipment.
