Titans Energy expects EV charger sales to double in China
China Titans Energy Technology Group Co. predicts charger sales will double for a second year as Chinese government incentives spur demand for electric vehicles.
The company probably will post an annual profit for the first time since 2012 as sales of EV chargers double for a second straight year, Chairman Li Xin Qing said in a phone interview.
Titans is the only Hong Kong-traded maker of charging facilities for EVs.
In February, Chinese Premier Li Keqiang urged construction of charging facilities to serve 5 million EVs by 2020.
China topped the U.S. as the largest EV market last year and the government wants sales of EVs and plug-in hybrid vehicles to top 3 million units a year by 2025.
"With the government's support and our head-start advantage, we are in the best stage of development," Titans's Li said. The nation's rising electric-car deliveries may help the company maintain its pace of sales growth in the next few years, he said.
Sales shift
Titans is transforming the business segments it relies on for the bulk of revenues. Sales of automotive battery chargers generated 63 percent of its revenue last year, up from 29 percent in 2010.
Titans may consider a separate listing in mainland China for new business related to EVs, Li said, without elaborating.
Titans plans to boost profits by collecting data from vehicles and providing services such as sending owners reminders for maintenance, Li said. Titans also will add internet connectivity to its chargers so that users can check their availability on mobile phones.
"Titans refers to gods with gigantic power. I would say now the god is in his youth and is about to grow in full swing," he said.
Titans is the only Hong Kong-traded maker of charging facilities for EVs.
In February, Chinese Premier Li Keqiang urged construction of charging facilities to serve 5 million EVs by 2020.
China topped the U.S. as the largest EV market last year and the government wants sales of EVs and plug-in hybrid vehicles to top 3 million units a year by 2025.
"With the government's support and our head-start advantage, we are in the best stage of development," Titans's Li said. The nation's rising electric-car deliveries may help the company maintain its pace of sales growth in the next few years, he said.
Sales shift
Titans is transforming the business segments it relies on for the bulk of revenues. Sales of automotive battery chargers generated 63 percent of its revenue last year, up from 29 percent in 2010.
Titans may consider a separate listing in mainland China for new business related to EVs, Li said, without elaborating.
Titans plans to boost profits by collecting data from vehicles and providing services such as sending owners reminders for maintenance, Li said. Titans also will add internet connectivity to its chargers so that users can check their availability on mobile phones.
"Titans refers to gods with gigantic power. I would say now the god is in his youth and is about to grow in full swing," he said.
