(Yicai) May 28 -- CWB Automotive Electronics, a Chinese supplier of automotive electronics and consumer electronics products, plans to invest EUR30 million (USD32.6 million) to build a factory in Germany.

CWB will set up a project company in Frankfurt responsible for the investment, construction, and operation of the new plant, the Zhejiang province-based company announced late yesterday.

The project will be built in phases, CWB said, without revealing any further details.

The new plant will help CWB become more involved in the supply chain system of carmakers and auto part suppliers in Europe, the firm added, noting that the project still pends approval from Chinese regulatory authorities.

CWB’s automotive electronics products are mainly used in the drive, battery management, intelligent driving, and intelligent cockpit systems of new energy vehicles, as well as in traditional fuel vehicles.

CWB is the global supplier of international automotive parts makers, such as Robert Bosch, United Automotive Electric Systems, Continental, BorgWarner, and ZF Group. It is also developing electronic parts for the new models of global carmaking giants, including Mercedes-Benz, BMW, Audi, and Volkswagen.

CWB’s sales revenue from automotive electronics products totaled CNY1.2 billion (USD168.9 million) last year, accounting for 71 percent of the total, according to its latest annual earnings report. Overseas sales revenue reached CNY336 million (USD47.3 million), making up 20 percent of the total.

Shares of CWB [SHA: 605005] were trading up 0.3 percent at CNY16.61 (USD2.34) as of 10.40 a.m. in Shanghai today.

Editor: Futura Costaglione