Chinese home appliance giant Midea starts construction of new heat pump production base in Italy
A staff member works at a workshop of microwave oven factory of Midea Group, a Chinese home appliance giant, in Foshan City, south China's Guangdong Province, April 1, 2021. (Xinhua/Li Jiale)
Chinese home appliance giant Midea Group (Midea, 000333.SZ) started construction of a new heat pump production base located in Feltre in northern Italy on October 14, reported the Xinhua-run China Securities Journal.
The new production base with a total investment of 60 million euros include heat pump production lines, a research and development center, as well as supporting facilities. It is expected to enter operation in the second quarter of 2024, with a forecast annual production capacity of 300,000 units.
When construction of the new production base completes, Midea's key materials of heat pumps will be manufactured and sold in Europe, and the time needed from placing orders to delivery will be cut from five months to one month. These will further improve Midea's production capacity and delivery efficiency of customized heat pump solutions in Europe.
The new base will enhance Midea's competitiveness in the European market. It will also ensure the group's heat pump global supply chain, according to Cheng Lin, general manager of the overseas business unit of Midea's Building Technology under Midea Group.