On May 14th, the Toyo permanent magnet motor project, a joint venture between ZGXT Rare Earth Materials Technology Group and Toyo Electric Manufacturing Co., Ltd., a global leader in high-purity and ultra-high-purity rare earth materials, high-purity semiconductor materials, and new rare-earth alloy materials, officially signed a contract in Changshu National High-tech Area.
The project will fully combine the technological advantages of Toyo Electric Manufacturing and the advantages of ZGXT rare earth material supply, and is committed to promoting the production and sales of rare earth permanent magnet motors.
The third phase of the project plan will be implemented step by step. The first phase will build a factory building of 20,000 square meters, with an annual output of 200,000 kW (5000 units) of industrial high-efficiency energy-saving permanent magnet motors. The second phase will expand the capacity by 5 times based on the first phase. The third phase will produce new energy. Car drive motor. After the project is in full production, it is estimated that the annual sales will exceed 1 billion yuan and the tax payment will exceed 50 million yuan.