Tesla catches up with China Dynamics in electric bus industry

EQS-News / 09/14/2021 / 10:28 UTC + 8

In early October 2020, Elon Musk mentioned a potential Tesla electric bus in a new tweet which he then deleted – sparking discussions about the possibility of a new Tesla vehicle. While controversy persists, the existence of the Tesla electric bus is still unclear.

Another HK-listed company – China Dynamics Holdings Limited (“China Dynamics”) (SEHK: 0476) has already manufactured its own electric bus. It has a production base in Chongqing to manufacture electric buses, all of their power supply and control systems. In 2020, China Dynamics successfully completed Wulong County sales orders for its 8.5-meter buses. Understanding that the huge market for electric vehicles in China remains very competitive, China Dynamics has diversified its business in overseas markets instead of relying solely on the Chinese market. In 2020, China Dynamics received orders from Hong Kong, the Philippines and South America. It also entered into an investment agreement to subscribe to 4.98% of Quantron AG, a company incorporated in Germany primarily engaged in electric mobility in urban and regional passenger and freight transport. The acquisition simply involved establishing China Dynamic’s footprint in Europe.

In October 2020, China Dynamics announced the appointment of Mr. Valldecabres Polop as new CEO to further develop the EV business. Mr. Valldecabres Polop has been passionate about electric mobility from a young age. With his childhood passion for automobiles and motorsport, Mr. Valldecabres Polop co-founded and was appointed to the board of directors of Formula E, a single-seater motorsport championship that uses only electric cars. , where he created and led fundraising series and successfully raised over 70 million euros in capital from the leading group of investors. With a solid business knowledge in the supervision of an entrepreneur and experience in the capital market, Mr. Valldecabres Polop will take China Dynamics to the next level.

In May 2021, China Dynamics announced its intention to apply for a secondary listing on NASDAQ in the United States. The proposed listing will accelerate the pace of China Dynamic’s expansion in the overseas market and increase the company’s chances of receiving further large orders for its electric vehicles from overseas customers. According to Bloomberg’s Electric Vehicle Outlook 2020, electric buses are expected to represent more than 67% of the global bus fleet by 2040. The proposed listing will strengthen China Dynamics’ international exposure and thereby strengthen its leadership position in the vehicle market. capital. China Dynamics’ market capitalization is sure to skyrocket in the near future.

09/14/2021 Distribution of a marketing press release, sent by EQS Group. The issuer is solely responsible for the content of this advertisement. Media archive at www.todayir.com

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(END) Dow Jones Newswires

September 13, 2021 10:28 PM ET (02:28 GMT)

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