Tianneng Power Hosts the 2014 China Electric Vehicle Development Summit

Mar 03, 2014 20:40 JST

Source: Tianneng Power International Limited

Promotes the Healthy Development of the Industry

HONG KONG, Mar 03, 2014 - (ACN Newswire) - Tianneng Power International Limited ("Tianneng Power" or the "Company"), one of the leading electric vehicle motive battery suppliers in China, together with its subsidiaries, (the "Group") (stock code: 819.HK), has recently hosted the 2014 China Electric Vehicle Development Summit. Zhang Tianren, Chairman of Tianneng Power, has presented a speech at the Summit while discussing the current development trends and prospects of the electric vehicle industry with industry luminaries and leading experts.

Tianneng Power Hosts the 2014 China Electric Vehicle Development Summit

The 2014 China Electric Vehicle Development Summit co-organised by China Automotive News, the Chinese Cycling Association, the China Battery Industry Association and the Society of Automotive Engineers of China was held in Beijing on 23 February. Themed "Realising the Decisive Power of the Market - the Choice for Developing China's Electric Vehicle Industry," the Summit has gathered industry leaders, seasoned professionals, renowned academics and senior business executives to analyze the situation, study the policies, share experiences and strengthen cooperation. The lively discussions and enthusiastic exchanges of ideas at the Summit have reflected the advances in the development of the electric vehicle industry.

Among the highlights of the Summit, Yang Yusheng and Guo Konghui, members of the Chinese Academy of Engineering, delivered speeches at the Summit and called for the development of low-speed electric vehicles. Mr. Yang cited while the development of low-speed electric vehicles in China is primarily by privately owned enterprises without any government subsidy, the national production capacity of low-speed electric vehicles has already exceeded 200,000 in 2013 but was inadequate to meet demand. Low-speed electric vehicles have become the ideal product for the market in line with the market development trend. Guo also pointed out that the development of low-speed electric vehicles can address the problem of waste and meet the rising demand from low-to-middle-income groups. Also, the strong demand from villages and small-to-mid-sized cities for low-speed electric vehicles has created huge room for market growth.

Zhang Tianren, Chairman of Tianneng Power, said, "The knowledge and combined strengths of the government, industry, companies and media are essential to the healthy development of the electric vehicle industry. Representing an important component in the electric vehicle industry chain, Tianneng Power has been growing and developing together with the new energy and electric vehicles industry in China. We have the intention and capability to share our expertise with the industry on how to achieve a breakthrough under the new opportunities. I, as a representative at the National People's Congress, also shoulder the responsibility to express the views of the industry at the Congress as well as at the Chinese People's Political Consultative Conference and provide reference information for decision-making to the relevant policy setting departments. Meanwhile, I believe that we can open a new chapter in the development of the electric vehicle industry through close collaboration and building a platform of exchange while setting a clear direction for the robust development of the new energy and electric vehicle industries as well as consistently undertaking initiatives to benefit society."

Along with the accelerating urbanisation in China, the output sales of electric bikes have increased from 58,000 in 1998 to around 25 million in 2013. Current electric bike ownership has reached 150 million. The strong demand and scope for growth in the electric bike industry still persist. The electric vehicle industry in China has entered a key development stage and developing new energy vehicles has also become a priority national strategy. Electric vehicles form a key sector within the new energy industry and as an important low-carbon transportation device this sector is set to realise greater development opportunities. In 2014, sales of Chery QQ3 EV electric car powered by Tianneng power's batteries are expected to exceed 10,000. This situation is creating a favourable environment for the Group's electric vehicle battery business.

Mr. Zhang Tianren concluded, "The Ministry of Industry and Information Technology and Ministry of Environmental Protection have been introducing relevant policies in recent years to strengthen the supervision, guidance and stricter regulation on the electric battery industry in order to raise its average
standards. The market development potential and the far-sighted national policies and guidance have helped the Group realise its advantages as an industry leader through its strong R&D capability, which has further helped consolidate its market leadership position. As in the past we continue to be a pioneer in the energy-saving and environmental protection sector and promote the healthy growth of the industry."

Contact:

Strategic Financial Relations (China) Limited
Ms. Nan Dong
Tel: (852) 2864 4811
Email: nan.dong@sprg.com.hk
Ms. Janice Au
Tel: (852) 2864 4874
Email: janice.au@sprg.com.hk
Ms. Kathleen Wang
Tel: (852) 2114 4968
Email: kathleen.wang@sprg.com.hk

Source: Tianneng Power International Limited
Sectors: Daily Finance, Automotive, Daily News