By Li Panpan

(JW Insights) Mar 24 -- The German tech giant Bosch has obtained the construction permit for its $1 billion EV components plant in Suzhou of eastern China's Jiangsu Province and will hold a groundbreaking ceremony on March 25, announced local authorities recently.

At the beginning of 2023, Bosch signed an investment agreement with the Suzhou Industrial Park Management Committee to set up an R&D and manufacturing base for core components of new energy vehicles and autonomous driving.

Those products include the new generation of silicon carbide required for the electrification of commercial vehicles, the intelligent integrated braking system IPB2.0, the intelligent decoupling braking system, and other core technologies in autonomous driving, such as Bosch China's high-end intelligent driving solutions.

The project’s first phase is expected to be put into use in 2024, said Suzhou Industrial Park.