SANTA CLARA, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions and innovative clean energy, is collaborating with Qualcomm and other major chipset vendors to engage in the R&D and sales of automobile telematics products especially for the India and Southeast Asia markets. The products include in-vehicle-infotainment system (IVI) and Telematics Control Unit (TCU), for two and three wheelers – also called electric scooters or E-bikes.
Example of an electric scooter with a display - https://www.google.com/url?sa=i&url=https%3A%2F%2Fgaadiwaadi.com%2Fola-electric-scooter-state-wise-subsidies-price-list%2F&psig=AOvVaw0KE_fEkKUsXOm2ZqmXdgpF&ust=1650941143271000&source=images&cd=vfe&ved=0CAwQjRxqFwoTCPiAopeZrvcCFQAAAAAdAAAAABAe
According to market research, the Indian electric vehicle market was valued at USD 1.4 billion in 2021, and it is expected to reach USD 15.4 billion by 2027, registering a CAGR of 47.09% during the forecast period (2022-2027). The automotive sector in India is dominated by two-wheelers (scooters, motorbikes) and three-wheelers (autos and rickshaws) that play a significant role in last-mile mobility in the country. Rising government emphasis and focus on private and government players partnership to enhance EV ecosystem in the country. Increasing investments and product launches by major OEMs into the country and their focus on localizing supply chain facilities are expected to create a positive outlook in the market.
India electric two-wheeler sales increases by 132%. The electric vehicle market has been on a path to a positive growth and the year 2021 saw substantial sales, especially in the electric two-wheeler category in India. The total sales of electric two-wheelers, including high-speed and low-speed, in the 12-month period (January-December) in 2021 increased by 132% over the corresponding year 2020. The industry registered sales of 233,971 units as against 100,736 units sold in 2020. The high-speed electric two-wheelers, which have speeds greater than 25 km/h and require a full license, registered a whopping 425% growth, while the low-speed ones (less than 25 km/h, no license, no registration) grew only by 24%.
Reference:
https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-market#:~:text=The%20Indian%20electric%20vehicle%20market%20was%20valued%20at%20USD%201%2C434.04,period%20(2022%2D2027)
https://www.financialexpress.com/auto/electric-vehicles/electric-two-wheeler-sales-increase-by-132-top-10-ev-players-in-india/2399833/
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.
Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the positive financial results from business activities as described herein may not be reached or at all, and the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b03135a-4ae0-4f04-a43d-30d8524c6549
