(Yicai) Aug. 29 -- Golden Empire Precision Machinery Technology said the Chinese firm will invest CNY1.1 billion (USD153.8 million) to build two factories for core precision machinery components for new energy clients and expand the production capacity of its plant in Serbia.

Golden Empire will build a new factory in Ma'anshan in Anhui province for CNY300 million (USD42 million) and another in Liaocheng in Shandong province for CNY530 million, the Liaocheng-based firm announced late yesterday. The plants will produce high-end precision components for new energy equipment.

The new factories will make stators and rotors for electric drive systems, components for wind turbines, key components for embodied AI robots, and motors and structural parts for low-altitude aerial vehicles, Golden Empire noted. The former should start building in October and go live in September 2027, while the latter will break ground in August next year and become operational in July 2028.

In a separate announcement on the same day, Golden Empire said it will invest EUR30 million (USD35 million) in its Serbian subsidiary to better meet demand from overseas new energy clients and expand its presence in foreign markets. The move will boost its total investment in the project to CNY400 million from CNY150 million.

Based on market dynamics and sales performance, Golden Empire will continue to invest in the Serbian plant, it noted, adding that its long-term target is for the total investment to reach around EUR110 million (USD128.3 million).

Golden Empire unveiled plans to build a plant in Serbia last December, noting that it will focus on the research and development, manufacturing, and sales of components and parts for NEVs' electric drive systems, without providing further details.

The electric drive systems are among the core products of Golden Empire's automotive precision parts business, according to its first-half financial report. The company counts Tata Motors, Valeo, Brose, and ZF among its European clients.

Shares of Golden Empire [SHA: 603270] closed 1.4 percent lower at CNY26.70 (USD3.73) each today. The broader Shanghai stock market climbed 0.4 percent.

Editor: Martin Kadiev