Yantai City Kicks Off Spring High-Quality Development Project Meeting, Highlighting Dongxing Magnetic Materials Project

On the morning of March 1, Yantai City held a spring high-quality development major project construction on-site promotion meeting. During the meeting, Fushan District set up a sub-venue for the Dongxing Magnetic Materials Project and subsequently held a district-wide spring high-quality development major project construction promotion meeting.

The Dongxing Magnetic Materials Project is one of Fushan District's provincial major and high-quality development projects this year, with a total investment of 3 billion yuan. The project focuses on the production of high-performance low-heavy rare earth magnetic materials and the green recycling and reuse of NdFeB scrap. Its products are widely used in various fields, including NEV motors and permanent magnet direct-drive wind turbines. The project has established strategic partnerships with well-known domestic and overseas enterprises such as Volkswagen, Honda, NIO, and Weichai. Once completed, it will become the largest independent single factory in the country, with the capacity to support 3.5 million NEVs annually, significantly promoting the cluster development and chain construction of Yantai City's NEV industry.