Hotai Kinetic plans to list on the Emerging Market Board in August, expanding into the Japanese electric bus market

(CNA, reporter Chung Yu-feng, Taichung, July 9) Hotai Kinetic plans to list on the Emerging Market Board in August, with a tentative underwriting price of NT$30 per share. Chairman Tsai Yu-ching stated today that Hotai Kinetic is actively expanding into the Japanese electric bus market, aiming for a 32% market share in Japan by 2030.

Hotai Kinetic opened its main manufacturing plant, the Wuri Zhonggang plant in Taichung, to the media today. Hotai Kinetic General Manager Yang Chih-jung pointed out that Hotai Kinetic has already mass-produced over a thousand electric buses, delivered to 12 counties and cities. The company continues to cooperate with the government's policy of domestic production of key components and software/hardware, actively deploying an electric bus ecosystem and automated smart manufacturing production lines to provide electric bus solutions that combine energy services and digital management.

Tsai Yu-ching said that Hotai Kinetic has over 300 vehicles in its domestic and international order backlog this year, holding over a 25% market share in Taiwan's electric bus market. The current daily production capacity is 2 vehicles, with an annual production capacity of 500 to 600 vehicles.

Yang Chih-jung explained that in the first six months of this year, Hotai Kinetic delivered 189 vehicles and has mastered solutions from battery modules to battery packs, chassis systems, frames, and complete electric bus software and hardware.

In terms of overseas market deployment, Yang Chih-jung indicated that Hotai Kinetic has expanded to Japan and Vietnam, and has established a cooperation network with Optimal in the United States, Sumitomo Corporation Group in Japan, NExT-e Solutions in Japan, and a Mexican automaker.

Hotai Kinetic stated that in 2022, it exported its urban bus electrification solution to Kyushu, Japan, and will enter Tokyo in 2024. Japan's market share is planned to increase from 1% in 2022 to over 15% in 2024. Expansion to Kobe and Okayama is planned for 2027, with a target of achieving a 32% market share in Japan by 2030. Furthermore, Hotai Kinetic will sign a cooperation agreement with a Mexican automaker in 2025.

Hotai Kinetic's core technologies include vehicle structure, electronic power systems, vehicle control software, and testing and validation, extending to electric vehicle control units (VCU), battery management systems (BMS), liquid-cooled battery packs, dual-gun fast charging systems, in-vehicle human-machine interfaces (HMI), cloud-based fleet management, and Level 2 advanced driver-assistance systems.

Hotai Kinetic's cumulative self-reported revenue for the first six months of this year was NT$1.838 billion, an increase of 142.73% year-on-year. The self-reported operating profit was NT$245 million, an increase of 745.59% year-on-year, with earnings per share of NT$2.08. (Editor: Yang Lan-hsuan) 1150709

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