Teco Electric and Machinery Co., one of the leading electric motor suppliers in Taiwan, has set its sights on the electric vehicle markets in Turkey and Indonesia amid its efforts to develop power system solutions for EVs.
In an online investor conference held on Friday, Teco President George Lien (???) said his company has secured orders on power system solutions for EVs in India and its plant there is expected to start production next year.
Modeling on its efforts in India, Lien said, Teco is eyeing the Turkey and Indonesia markets as it extends its reach overseas to facilitate power system development for EV production.
Lien, however, did not disclose the size of the EV power system orders Teco has won from India.
In February, Tech joined the MIH Open Platform for EV development promoted by Hon Hai Precision Industry Co. as the iPhone assembler has intensified its efforts to build the platform as the “Android of the electric car industry” as part of its efforts to penetrate the global EV market.
Starting from 2018, Teco entered the electric bus supply chain in Taiwan by rolling out 250kw electric motors. In the second quarter of this year, Teco began to ship power systems for electric bus, taking advantage of a subsidy program of the Taipei City Government to push for the city’s green transportation.
Industrial sources said Teco and Hon Hai have been gearing up to compete with foreign rivals in EV power system development.
Among their foreign competitors are BorgWarner, Valeo Siemens, Bosch and Bosch in Europe and Nidec, Yaskawa and Aisin in Japan, and Tesla in the United State, the sources said.
In addition to the booming EV power business, Teco Chairwoman Sophia Chiu (???) said she has embraced high hopes about the company’s smart energy division in which sales in smart home appliances, in particular air conditioners used by the business sector, have been growing steadily.
Chiu said Teco’s smart home appliances are expected to see double digit growth next year.
According to Chiu, Teco has secured more than NT$10 billion (US$360 million) in the smart energy business.
Echoing Chiu, Lien disclosed Teco is expected to secure an additional NT$2 billion in orders as it has become part of the Internet data center supply chain of Google Inc.
As for the company’s electric machinery operations, Chiu said China, the U.S. and Europe have served as the major buyers of Teco.
Chiu, however, said he expected orders from China will remain unchanged or grow only slightly next year due to the country’s moderating economic growth.
Orders from American clients, meanwhile, are expected to grow 30-40 percent from a year earlier in 2021 as a result of the newly approved US$1.2 trillion infrastructure bill on Capitol Hill, while order growth in the European market is also expected, Chiu said.
In the first nine months of this year, electric machinery items accounted for 49.9 percent of Teco total sales, smart life gadgets made up 26.3 percent, and smart energy devices represented 13.1 percent, according to Teco.
Source: Focus Taiwan News Channel