German auto parts supplier Mubea on Thursday signed an agreement with the city of Taicang in east China's Jiangsu Province, pledging to invest 100 million U.S. dollars to build an electric vehicle (EV) campus.

Covering an area of 60 mu (about 4 hectares), the new project is expected to generate an annual production value of 1 billion yuan (about 141 million U.S. dollars).

Established in Taicang in 2004, Mubea Automotive Components (Taicang) Co., Ltd. now has three factories, reporting an overall output value of 2.45 billion yuan in 2023.

"Taicang is a city which has a good environment for foreign-invested companies. Over the years, we have very good development here with preferential support from the government," said Joerg Brecht, managing director of Mubea China, noting that Mubea plans to go further in Taicang.

"More than 30 German enterprises opened branches in Taicang last year," said Wang Xiangyuan, Party chief of Taicang, promising that the city will work to foster a sound business environment to guarantee the new project's construction.

Taicang is a small city that hosts over 500 German companies and has German investment totaling more than 6 billion U.S. dollars, leading many to refer to it as "Little Germany."

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