The new energy vehicle business has grown significantly, and the net profit of Tuopu Group in 2021 has increased by 67% to 83% year-on-year.

Jiwei Network news, on the evening of January 12, Tuopu Group announced that it expects net profit in 2021 to be 1.05 billion yuan - 1.15 billion yuan, an increase of 67-83% year-on-year. Net profit after deduction of non-profit is expected to be 1.005 billion yuan - 1.105 billion yuan, an increase of 75% - 92% year-on-year.

For the main reasons for the change in performance, Tuopu Group said that during the reporting period, thanks to the company's forward-looking grasp of the market opportunities in the new energy automobile industry, it continuously expanded the intelligent electric related product line, actively expanded the international and domestic intelligent electric customer base, and relied on system research and development and modular supply capabilities to innovate business models, the amount of bicycle supply was greatly improved, and the company's new energy vehicle business grew rapidly.

According to the data, Tuopu Group started with shock absorption and noise reduction (NVH) products, and its main business is currently research and development and manufacturing in the fields of automotive power chassis systems, trim systems, intelligent driving control systems, etc., and is a supplier of Tesla suspension castings. Its main customers also include traditional car companies such as Geely and General Motors, as well as new car-making forces represented by Tesla. Since 2019, the company has obtained relevant supporting orders for domestic Model3, including chassis systems and interior systems, with a bicycle supporting value of about 6,000 yuan. The Tesla Model Y shares about 75 percent of its parts with the Model 3.

In terms of production capacity, Tuopu Group accelerated the construction of Xiangtan Base, Ningbo Hangzhou Bay New Area Phase II, Phase III, Phase IV and Phase V Base and Ningbo Yinzhou District Production Base to meet the rapidly growing demand for orders. In order to better serve customers, Tuopu Group has set up new factories in Shanghai, Huzhou, Xi'an and other places.

(Proofreading/Arden)