Innovation powers firm's development in Yantai

Innovation has become the endogenous driving force for the development of SAIC-GM Dongyue Motor Company (Dongyue), according to Pan Jiebo, general manager of the company.

"Companies are the most important force in driving innovations, and our company has identified innovation as the key word for development this year," Pan said.

Pan added that Dongyue adheres to the principles of being innovation-driven, and aims to develop into a first-class manufacturing base, a pool for high-level talent, and a leading innovation and technology center.

Dongyue has implemented a variety of incentive mechanisms to encourage innovation in recent years, which has enhanced the company's innovation capability. According to official data, the company won two first prizes in innovation in 2021, saving a total of more than 5 million yuan ($788,817.72) in project costs.

The company has produced high-quality items that fulfill consumer demand by adhering to an innovation-driven development approach. Despite the COVID-19 outbreak, Dongyue's foreign trade and tax revenue have increased.

Dongyue manufactured 220,000 complete vehicles, 400,000 engines, and 610,000 gearboxes in 2021, according to official government data, with a total output value of 36.5 billion yuan and a tax revenue of 2.8 billion yuan. Dongyue has promoted the shared development of its 106 suppliers across the province since its founding in 2003, and has created over 200,000 jobs.

Over the years, the company has evolved into one of Yantai's top vehicle enterprises, boosting the city's automobile industry's high-quality development. Dongyue, dubbed as a national green manufacturing unit, has continued to develop and plan the construction of green factories in China.