CRRC and SPIC's cooperation is a response to Ningbo city's new plans for the manufacturing industry – to help it catch up with the wave of the fourth industrial and technological revolution.
At Ningbo's recent conference on battery products on September 27 2020, the rail traffic maker CRRC announced it would be cooperating with the SPIC – one of China’s five power generation groups to promote the development of a fuel-cell vehicle based on their technical advantages and brand influence. Specifically, they aim to build up the manufacturing base for hydrogen equipment, accelerating the process of the industrial cluster of '246' trillion and 100 billion levels.
The industrial cluster of '246' trillion and 100 billion levels should help promote Ningbo's determined promotion of its manufacturing industry. To be more precise, this plan means to provide services with two trillion, 500 billion and 600 billion industrial clusters. Ningbo, in Zhejiang, is famous for its manufacturing, with total investment output value surpassing CNY 2 billion in the city in 2019. Ningbo's next step is to reinforce the innovation layers and the more high-tech industrial chains, increasing the R&D ratio to 3.4%.
The collaboration between the CRRC and SPIC on hydrogen equipment will add serious development speed to Ningbo's fuel cell industry; the first passenger car with fuel cells was launched in Zhejiang province at the beginning of 2020. Moreover, the cooperation will also increase CRRC's orders in battery passenger cars, as its railway equipment-centered operating income decreased this year by about 25.53% compared to last.