Wanxiang Group

What Wanxiang Group does

Wanxiang Group (万向集团公司) is a privately held Chinese multinational founded in 1969 in Xiaoshan, Hangzhou, and currently controlled by the Lu family following founder Lu Guanqiu's passing in October 2017 and succession by Lu Weiding. The group originated as a rural farm-repair operation, transitioned to automotive universal joints in 1979, became the first Chinese company to export auto components to U.S. OEMs in 1984, and has grown into a diversified industrial conglomerate with ¥162.8 billion (~$22.5 billion USD) in reported 2022 revenue and overseas operations spanning 26 U.S. states plus 30+ overseas companies and 17,000+ overseas employees.

The group's business spans four principal pillars. The core is automotive components — wheel hub bearing units, steering shafts, constant-velocity joints, driveshafts, and chassis parts supplied under multi-year enterprise contracts to global OEMs including Volkswagen, General Motors, Ford, BMW, and Mercedes-Benz. The second pillar is clean energy, anchored by the 2013 acquisition of U.S. lithium-ion battery maker A123 Systems for $265 million (now operating with ~80 GWh of global cell capacity, 700+ patents, and 32 international production bases including a Prague manufacturing facility); the group also obtained Chinese regulatory approval for a 50,000-unit-per-year extended-range EV passenger vehicle program. The third pillar is the Karma Automotive luxury EV brand (acquired from Fisker in 2014), headquartered in Los Angeles/Moreno Valley with manufacturing in California and a North American dealer network. The fourth pillar is a long tail of agriculture, seafood (Ocean Great 世家 via JD.com), plant-protein beverages (Chengde Lulou), and financial technology investments via China Wanxiang Holdings.

Commercially, the group operates a B2B enterprise field-sales motion targeting global OEMs through direct supply contracts, supplemented by a direct-to-consumer channel for premium seafood on JD.com and a Karma dealer/reseller channel for luxury EVs. Pricing is custom-negotiated with OEMs on multi-year contracts; no public pricing is disclosed. Technology differentiation is concentrated in battery systems (UltraPhosphate technology with 5,800 W/kg cell power density, 26120 cylindrical cells targeting 330 Wh/kg and 10-15 minute fast-charging, 150°C wide-temperature-range cells with 60% F1 market share) and wheel hub bearings (207 patents including ABS and EPB systems). The group maintains R&D centers in Hangzhou, Boston, Munich, and Detroit/Troy, with manufacturing in China, the United States, Germany, and the Czech Republic.

Name

Wanxiang Group

Legal name

万向集团公司

Website

https://wanxiang.com.cn

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

11–50 employees

Short description

Wanxiang Group is a privately held Chinese multinational founded in 1969 that manufactures automotive components (wheel bearings, steering, chassis parts) and clean-energy battery systems for global OEMs, and operates Karma luxury EVs, agriculture, and seafood businesses across China, the U.S., and Europe.

Ownership category

akta.pro rank

Product category

Automotive Components Manufacturing

NAICS

Motor Vehicle Steering and Suspension Components (except Spring) Manufacturing (33633), Motor Vehicle Brake System Manufacturing (336340)

SIC

Motorcycles, Bicycles & Parts (3751), Electronic Components, Nec (3679)

akta.pro primary industry

Hydraulic Brake Systems (Master Cylinders/Calipers/Lines/Boosters) (IMACAIAD)

Keywords

• Automotive components manufacturing
• Lithium-ion battery systems
• Electric vehicle production
• Automotive parts supply
• Clean energy vehicles

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Automotive Components: Core automotive parts business including steering shafts, wheel hub bearing units, constant velocity joints, and other chassis components sold to global OEMs
2. Clean Energy / EV Products: Battery systems, EV vehicles (Karma brand), and energy storage solutions for automotive and industrial applications
3. Agriculture / Food Products: Agricultural products including nuts and preserved foods through subsidiaries like Chengde Lulou and Wanxiang Sanong, plus ocean seafood through Ocean Great世家
4. Financial Technology Investment: Financial technology investments through China Wanxiang Holdings in insurance, asset management, funds, futures, trust, payment, and blockchain sectors

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Wanxiang Group is a Chinese multinational automotive components manufacturer producing steering shafts, wheel hub bearing units, constant velocity joints, and other chassis components for global automotive OEMs. The company also manufactures lithium-ion battery systems and electric vehicles through its subsidiaries A123 Systems and Karma Automotive, supplying clean energy solutions ranging from 48V micro-hybrid systems to complete luxury EVs.

Product overview

Wanxiang Group is a diversified conglomerate with core business in automotive components and clean energy. The company operates through multiple divisions including Wanxiang Qiangchao (automotive parts listed company), Wanxiang 123 (battery systems), Karma Electric Vehicles (luxury EV brand), and the Wanxiang Innovation Energy City mega-project. The product portfolio spans automotive components (wheel hub bearings, steering shafts, constant velocity joints, driveshafts), lithium-ion battery systems for automotive and industrial applications, and luxury electric vehicles including the Karma GS-6 and Revero models. The company also operates in agriculture (大洋世家 seafood/agriculture), financial services, and renewable energy projects.

Differentiator

Problem solved

Functional benefit

Brands

• Karma (卡玛): 万向旗下豪华增程式电动汽车品牌，总部位于美国加利福尼亚
• A123
• 万向123

Products and services

• Karma Electric Vehicles (卡玛汽车) Luxury extended-range plug-in hybrid electric vehicle brand manufactured in the USA at the Moreno Valley, California plant, featuring models including GS-6 and Revero, sold through a dealer network across North America.
• Wanxiang A123 Battery Systems (万向A123) Lithium-ion battery and system developer and manufacturer supplying automotive and commercial applications, featuring 26120 cylindrical cells with approximately 330 Wh/kg energy density and ultra-fast charging capabilities for electric two-wheelers and automotive applications.
• 48V Micro-Hybrid Power System (48V微混电源系统) High-power 48V micro-hybrid battery system using UltraPhosphate technology with 5,800 W/kg cell power density, enabling intelligent start-stop, acceleration boost, and energy recovery functions for 15-20% fuel efficiency improvement.
• Soft Pack Lithium-ion Power Battery (软包锂离子动力电池) Ternary lithium battery for passenger vehicles and lithium iron phosphate battery for buses with high energy density, safety, and long life characteristics.
• 150C Wide Temperature Range Battery Technology (150C宽温域电芯技术) Ultra-high power wide temperature range battery technology achieving the world's highest power density, used in F1 racing applications with 60% market share in the racing segment.
• Wheel Hub Bearing Units and Chassis Components Wheel hub bearing units, steering shafts, constant velocity joints, brake systems, and other chassis components supplied to global automotive OEMs including VW, GM, Ford, BMW, Mercedes-Benz, Audi.
• Ocean Great Seafood Products (大洋世家) Premium seafood products including tuna and frozen aquatic foods from Zhoushan, distributed through JD.com e-commerce platform with 48-hour cold chain delivery from catch to consumer.

Quantifiable outcome

• North American production vehicles contain Wanxiang parts in half of all vehicles manufactured
• +2 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Stark FuturecoreStrategic or Co-development Partner · 29 January 2026Strategic partnership to develop and supply 26120 cylindrical battery cells for next-generation electric motorcycles targeting ~330 Wh/kg energy density and 10-15 minute ultra-fast charging. Wanxiang A123 leveraging its high-power lithium iron phosphate technology and 700+ patents with approximately 80 GWh global cell capacity. Prototype testing underway at Stark's Barcelona R&D facility for integration into Varg and Alg Adventure models.
• American Argonne National LaboratorycoreStrategic or Co-development PartnerA123 Systems collaboration with Argonne National Laboratory for advanced lithium-ion battery development. Three-year partnership involving millions of dollars focused on improving battery cathode safety without compromising energy density or lifespan. A123 commercializing Argonne's NMC (Nickel Manganese Cobalt) technology with targets to improve energy density by 60% for EV applications.
• JD.com (京东)coreChannel Partner/ Reseller/ DistributorOcean Great世家 (Wanxiang subsidiary) partnership with JD.com for direct-to-consumer premium Zhoushan seafood products. JD.com's cold chain logistics enabling 48-hour delivery from catch to consumer. Wanxiang fishing vessels including dedicated 'JD号' fishing boat supply exclusively for JD platform.
• BMW GroupcoreStrategic or Co-development PartnerKarma Automotive strategic partnership with BMW for development and production of extended-range electric vehicles and pure electric luxury automobiles. BMW providing powertrain and technology support for Karma Revero models.
• SAIC Motor (上汽集团)coreStrategic or Co-development PartnerJoint venture Shanghai Automotive Wanxiang New Energy Bus Co., Ltd. for production and distribution of electric buses in China, combining SAIC's vehicle manufacturing capabilities with Wanxiang's battery technology.
• General MotorsminorChannel Partner/ Reseller/ DistributorLong-term supply relationship for automotive components including brake systems, steering components, and battery systems. Wanxiang components used in GM vehicles manufactured globally.
• Volkswagen GroupcoreChannel Partner/ Reseller/ DistributorSupply of wheel hub bearing units and other chassis components to VW, Audi, and Skoda brands. Wanxiang Precision qualified as supplier for VW's MEB electric vehicle platform.
• Michigan State GovernmentminorGTM or Marketing PartnerWanxiang USA partnership with Michigan state government for economic development, creating jobs and investing in local communities. Operations across 26 U.S. states with significant presence in Michigan including A123 Systems headquarters.
• Ten Wan Qiang FoundationminorGTM or Marketing PartnerFuture Wanxiang Foundation (USA) supporting 1,000 American students over 5 years to study in China as part of '5年5万 YES Project' promoting US-China youth exchange. Continuing the original Ten Wan Qiang program initiated in 2011.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wanxiang Group