In the post-epidemic era, BMTS remains optimistic about the Chinese automobile market and will further increase the investment in R&D, manufacturing, and sales of a series of high-end automobile parts and components, such as turbochargers and new energy automobile core components and subsystems. These investments will leverage the company's deep knowledge and technology expertise in the automotive field over the past decade. We are actively developing compressors for hydrogen fuel cell electric vehicles, thermal management systems, other products of new energy vehicles, and core components for autonomous vehicles, aiming to quickly take more market share of China's new energy vehicles and further grow business in the Chinese auto market.
BMTS recognizes the location advantage of Taicang Port Economic and Technological Development Zone, which is adjacent to the Yangtze River and Shanghai. Through deep cooperation with Taicang Port, BMTS will build high-technology factories, advanced research and development laboratories, and comfortable office areas. The concept of a smart manufacturing factory will be realized through cutting-edge technologies such as digital twins. The R&D capability will be improved by building first-class testing facilities, and the staff can work comfortably by expanding efficient office space and an activity room. By linking Shanghai and Suzhou together, BMTS Shanghai R&D Center and office will be strongly interconnected with Taicang Company for faster development, cost advantages, and technology aggregation. This will also contribute to the further development of Taicang Port in the auto parts industry.
On December 15, 2022, Qi Zhenyu, a member of the Standing Committee of Taicang City, led the Taicang Merchants delegation to Stuttgart, Germany, and met with our CEO of BMTS, Mark Wehner, and the BMTS management team. The two parties held a formal signing ceremony at the BMTS Innovation Center and conducted in-depth discussions on industry prospects and future cooperation.
The first phase of the BMTS-Taicang project is expected to officially start in 2023, covering an area of 43000 square meters, with a building area of 26000 square meters. BMTS Suzhou Holding Co., Ltd. has 100 million US dollars in registered capital. It will focus on investing in the newly established BMTS companies, including BMTS New Energy Company. After reaching capacity, BMTS in Taicang will achieve an annual revenue of CNY 6 billion and an annual export of CNY 1 billion. This signing marked a key milestone of the BMTS's significant growth in China.