A view of Ningbo, East China's Zhejiang province. [Photo/IC]

Eight companies from Ningbo, East China's Zhejiang province recently made the list of top 100 Chinese auto parts suppliers, local media reported. 

Among them, Ningbo Joyson Electronic Corporation ranked fourth on the list, while Ningbo Huaxiang Group Co Ltd came in 17th place. Their rankings were both the same as last year.

Innovation appears to be a significant engine fueling their growth. Joyson pumped 3.2 billion yuan ($492.3 million) in research and development in 2020, while Huaxiang invested 528 million yuan.

Ningbo Tuopu Group Co Ltd is the only company from Ningbo that rose in the ranking, rising four slots from last year to 47th. The company's auto parts revenue amounted to 6.294 billion yuan in 2020.

In addition, Yinyi Co Ltd made the list for the first time, ranking 86th, with an auto parts revenue of 3.154 billion yuan in 2020.

Ningbo Jifeng Auto Parts Co ltd, Minth Group, Ningbo Shuanglin Auto Parts Co Ltd, and IKD Co Ltd also made the top 100 list.

An auto parts industrial cluster has formed in Ningbo. Official statistics show that the city is currently home to more than 4,000 auto parts enterprises, among which roughly 600 are above designated size.