Germany-based Schaeffler Group plans to establish a new manufacturing plant for electric drive and aviation parts in the High-tech District of Taicang. [Photo provided to chinadaily.com.cn]

Schaeffler Group, a Germany-based global automotive and industrial supplier, announced its plan to establish a new manufacturing plant for electric drive and aviation parts in the High-tech District of Taicang, Jiangsu province on May 7.

With an investment of $300 million, the project is expected to be constructed into a digital, intelligent and efficient plant with three manufacturing centers, namely, new energy vehicle parts, aviation parts and special equipment.

After its completion, the output of the plant will amount to 3 billion yuan ($44.23 million) in a year and in the near future, its annual output will exceed 5 billion yuan.

With nearly 92,500 employees, Schaeffler is one of the world's largest family companies with approximately 170 facilities in more than 50 countries, including manufacturing plants, research and development bases, and sales companies.

Since its investment in China in 1995, Schaeffler Greater China has become an important supplier and business partner of the automotive and industrial sectors in China.

Over the recent years, the core parts sectors of new energy vehicle in Taicang district have seen prosperous development.

In addition to Schaeffler, Kern-Liebers, Zollner Group, and Ficosa Corporation have also conducted businesses in the sector and 10 billion yuan worth of new energy vehicle parts industry has initially taken shape in the district.