A06B-2063-B008 Founder Electric (002196) announced in the evening on January 26 that Zhejiang Founder Electric Co., LTD. (hereinafter referred to as “Founder Electric” or the “Company”) held the 12th meeting of the eighth Board of Directors on January 26, 2024, to review and pass the “Proposal on investment in the construction of Shanghai R & D and Manufacturing Headquarters”.

A06B-2063-B008 According to the company’s business strategy and development plan, the company intends to set up a subsidiary in Anting Town, Shanghai, Fang De Zhi Drive (Shanghai) Electromechanical Technology Co., LTD., invest in the construction of “Founder Electric Shanghai R & D and manufacturing headquarters”, the project is expected to invest 500 million yuan, including fixed assets investment of 400 million yuan, working capital of 100 million yuan. It is expected to start construction next year, with a revenue of 460 million yuan and a tax of 46 million yuan.

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A06B-2063-B008 The project is planned to be located at the site of Block 21-02B in the Tongji area of Anting Ring, from Kerui Road (planned) in the east, Junxian Road (planned) in the south, Jiasong North Road in the west, and the boundary of the plot in the north. The project covers an area of about 16.78 mu and the ground floor area of 22,380 square meters.

It is reported that Zhejiang Founder Motor Co., LTD., the parent company of Fangde Zhidrive, is a leader in the field of new energy vehicle drive motors, micro-motors and controllers, and automotive control systems. Subsequently, Fang Dezhi will establish a headquarters enterprise integrating modern high-end new energy electric drive technology and forward-looking product research and development center, high-precision controller unit manufacturing center, enterprise operations center and internationalization command center, focusing on high-end new energy electric drive and high-precision electronic control two segments to develop related products, and achieve industrialization in Anting.

A06B-2063-B008 “The landing of the Fang Dezhi Drive project is expected to drive the industry chain associated enterprises in the field of new energy vehicles to gather in Anting, and boost the Jiading automobile ‘new four modernisation’ industry to a new height.” Anting town economic development office director Huang Chengchao said.