On April 28, IKD Co. issued an announcement that the company planned to establish a subsidiary in Mexico, IKD New Energy Technology SA de CV, as the main body of construction and implementation of a new energy vehicle structural parts and battery, motor, electric control system parts production base.
The total investment of the project is expected to be no more than $180 million, which will be mainly used in land purchase, factory construction, purchase and new production equipment. After the project reaches full production capacity, 1.75 million pieces/year of new energy vehicle structural parts and 750,000 pieces/year of new energy vehicle battery, motor, electric control system components will be added.
In the first quarter, IKD’s operating revenue stood at 1.26 billion yuan, a year-on-year increase of 39.19%, and a net profit of 169 billion yuan, a year-on-year increase of 99.52%.
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