Borqs Technologies Enters India Market for Auto Telematics, also known as Electric Scooters or E-Bikes
26 April 2022 - 11:00PM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions and innovative clean energy, is collaborating with
Qualcomm and other major chipset vendors to engage in the R&D
and sales of automobile telematics products especially for the
India and Southeast Asia markets. The products include
in-vehicle-infotainment system (IVI) and Telematics Control Unit
(TCU), for two and three wheelers – also called electric scooters
or E-bikes.
Example of an electric scooter with a display -
https://www.google.com/url?sa=i&url=https%3A%2F%2Fgaadiwaadi.com%2Fola-electric-scooter-state-wise-subsidies-price-list%2F&psig=AOvVaw0KE_fEkKUsXOm2ZqmXdgpF&ust=1650941143271000&source=images&cd=vfe&ved=0CAwQjRxqFwoTCPiAopeZrvcCFQAAAAAdAAAAABAe
According to market research, the Indian
electric vehicle market was valued at USD 1.4 billion in 2021, and
it is expected to reach USD 15.4 billion by 2027, registering a
CAGR of 47.09% during the forecast period (2022-2027). The
automotive sector in India is dominated by two-wheelers (scooters,
motorbikes) and three-wheelers (autos and rickshaws) that play a
significant role in last-mile mobility in the country. Rising
government emphasis and focus on private and government players
partnership to enhance EV ecosystem in the country. Increasing
investments and product launches by major OEMs into the country and
their focus on localizing supply chain facilities are expected to
create a positive outlook in the market.
India electric two-wheeler sales increases by
132%. The electric vehicle market has been on a path to a positive
growth and the year 2021 saw substantial sales, especially in the
electric two-wheeler category in India. The total sales of electric
two-wheelers, including high-speed and low-speed, in the 12-month
period (January-December) in 2021 increased by 132% over the
corresponding year 2020. The industry registered sales of 233,971
units as against 100,736 units sold in 2020. The high-speed
electric two-wheelers, which have speeds greater than 25 km/h and
require a full license, registered a whopping 425% growth, while
the low-speed ones (less than 25 km/h, no license, no registration)
grew only by 24%.
Reference:
https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-market#:~:text=The%20Indian%20electric%20vehicle%20market%20was%20valued%20at%20USD%201%2C434.04,period%20(2022%2D2027)
https://www.financialexpress.com/auto/electric-vehicles/electric-two-wheeler-sales-increase-by-132-top-10-ev-players-in-india/2399833/
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b03135a-4ae0-4f04-a43d-30d8524c6549
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Apr 2024 to May 2024
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From May 2023 to May 2024