NANJING, July 20 (Xinhua) -- German automotive and industrial supplier Schaeffler Group will invest 300 million U.S. dollars in an e-mobility and aviation project in the city of Taicang in east China's Jiangsu Province, the Taicang municipal government said on Wednesday.

Through the project, Schaeffler plans to produce electric driving components for new energy vehicles and aviation bearing components.

By 2025, the project will help bring the annual output value of Schaeffler (China) Co., Ltd., the group's key production base in China, to over 40 billion yuan (about 5.9 billion U.S. dollars).

Schaeffler Group began investing in Taicang in 1995. Schaeffler (China) mainly produces high-precision components and systems for powertrain and chassis applications, as well as rolling and sliding bearing solutions for industrial applications.

In the first half of 2022, the Schaeffler (China) output value reached 9.5 billion yuan, and the annual output value is expected to exceed 21 billion yuan this year, according to the company.

Taicang has gathered approximately 400 German firms, which together achieved a total sales revenue of 44.8 billion yuan in 2021, a year-on-year increase of 87.7 percent.