Reported over 1 year ago
During the shareholders' meeting on June 18th, 2024, at 4:10 pm, Chairman Cai Yuqing of Electrical Vehicle King announced that the group's overseas expansion of electric buses is concentrated in the American and Japanese markets. The company plans to hold a press conference with the largest local bus company, Kokusai Kogyo, in Tokyo, Japan at the end of June or early July to announce the normal operation of the Ward electric buses in Japan. It is anticipated that 60 buses will be in operation in Japan this year, with a further increase expected next year. Additionally, the company's electric forklift battery packs began exporting to Japan in the second half of last year, with an estimated export volume of over 1,000 units this year. As the company collaborates with Optima in the US, the first electric bus model has passed government inspections, and the second model is expected to also pass soon. The company aims to enter the US school bus and shuttle bus markets. With success in overseas market expansion, Chairman Cai believes that the company’s operation will reach its lowest point by the first half of this year until near the third quarter. Following the company's lowest operating point, production of electric buses has commenced. Although the company's merged revenue experienced significant growth exceeding NT$4 billion last year, the gross profit margin dropped significantly due to the substantial price increase of Japanese-made AESC batteries, leading to a net loss for the parent company of NT$129 million and a loss per share of NT$1.31. Cai also noted the government's goal of fully electrifying urban buses by 2030, with an expected annual replacement of over 1,000 buses with electric buses in the future. Expecting a strong market demand, the future operational performance of Electrical Vehicle King Group is forecasted to grow substantially with the expansion of both the domestic electric bus market and overseas markets.
Source: YAHOO