Japan’s Taoka Chemical to set up EV electrical parts sales unit in Shanghai
TOKYO, NNA - Japan’s Taoka Chemical Co. will soon establish a wholly-owned subsidiary in Shanghai to sell electrical parts for electric vehicles (EVs) in the Chinese market.
The new company, named Taoka Advanced Materials (Shanghai) Co., is to be capitalized at $ 1 million and established this month as a base to procure insulating covering materials for use in EV electrical parts and supply them to Chinese plants owned by its clients, Taoka said in a statement on Oct.1.
It will start operations in January 2020 and start supplying and selling insulating covering materials in December the same year, the statement said.
“We aim to chalk up annual sales worth 3 billion yen ($27.9 million) in 2023, three years after starting in business,” a senior Taoka official said, adding that the company plans to expand the scope of business in the future.
Taoka, a Sumitomo Chemical Co. Group arm specialized in the manufacture and marketing of dyestuffs, pharmaceutical intermediates, and functional materials also presently has two overseas units – a 100 percent owned manufacturer of adhesive products in India and a marketing arm in Singapore.