FAWAY to build Mg-alloy lightweight auto parts project
2025-03-07 16:06:44 [Print]
Changchun FAWAY Automobile Components Co., Ltd. (FAWAY) announced that it will raise fund for a lightweight auto parts project in Changchun, which focuses on the R&D, production and sales of magnesium alloy products, as the company aims to further expand NEV parts market share.
The new project will be built and operated by the Wheel Branch of FAWAY, with construction expected to take 24 months, and is scheduled to become operational by December 2026.
With a total investment of RMB98.7 million (USD13.62 million), the project will mainly produce magnesium alloy automotive parts with net weight below 10kg, including steering wheel frame, display stand, dashboard stand, triple screen backplane. When fully operational, the project would achieve an annual sales revenue of RMB66.89 million (USD9.23 million).
China's magnesium alloy industry is witnessing significant growth, with downstream applications primarily concentrated in the automotive sector (70%), followed by the 3C industry (20%) and aerospace and other fields (10%). According to the Ministry of Industry and Information Technology, the country is set to expand the use of magnesium alloys in automobiles, with per-vehicle consumption expected to reach 25kg by 2025 and 45kg by 2030. By then, the proportion of magnesium alloys in vehicles is projected to rise to 2% and 4% respectively.
The new project will be built and operated by the Wheel Branch of FAWAY, with construction expected to take 24 months, and is scheduled to become operational by December 2026.
With a total investment of RMB98.7 million (USD13.62 million), the project will mainly produce magnesium alloy automotive parts with net weight below 10kg, including steering wheel frame, display stand, dashboard stand, triple screen backplane. When fully operational, the project would achieve an annual sales revenue of RMB66.89 million (USD9.23 million).
China's magnesium alloy industry is witnessing significant growth, with downstream applications primarily concentrated in the automotive sector (70%), followed by the 3C industry (20%) and aerospace and other fields (10%). According to the Ministry of Industry and Information Technology, the country is set to expand the use of magnesium alloys in automobiles, with per-vehicle consumption expected to reach 25kg by 2025 and 45kg by 2030. By then, the proportion of magnesium alloys in vehicles is projected to rise to 2% and 4% respectively.
Magnesium Alloy AM60B FOB China
Unit:USD/mt
China magnesium alloy producers' number MoM output increase statistics by month
Unit: pcs
