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The sales volume of ZF Group's base in Jiaxing is expected to reach up to 1 billion yuan this year. [Photo/WeChat account: jxfabu]

The commercial vehicle base built by ZF Friedrichshafen AG, also known as ZF Group, in Jiaxing, East China's Zhejiang province was put into service on June 18, local media reported.

The base will function as the headquarters of ZF Group's commercial vehicle department in China. It will assume the functions of product research and development, manufacturing, assembling, marketing, as well as after-sales support.

The overall floorage of the base in Jiaxing totals 60,000 square meters, while 420 employees will work in the base by the end of the year.

The sales volume of the Jiaxing base is expected to reach up to 1 billion yuan ($154.74 million) this year and by 2024, the figure will amount to 4.5 billion yuan, said Dai Zhangyu, who is responsible for ZF Group's commercial vehicle department in China.

ZF Group also released its three new products on the same day and two of them will be produced in Jiaxing, namely the central electric drive system CeTrax CP, as well as the AMT integrated separation mechanism ConAct.

Founded in 1915, ZF Group is a Germany-based global technology company that supplies systems for passenger cars, commercial vehicles, and industrial technology. The group has established 230 production bases in 40 countries and employs 149,000 people.