Teco Electric & Machinery will set up a factory in India on a joint venture basis with Japan-based Mitsui to produce industrial motors, electric vehicles (EV) motors and frequency converters, with construction to begin in May 2021 and completion at the end of the year, according to company president George Lien.
EV-use motors can be integrated with frequency converters to become EV-use power systems, Lien said. In view of considerable demand for electric tricycles in the India market, Teco will seek cooperation with local partners related to EVs, Lien noted.
Teco will sell 500 sets of EV-use power systems to electric bus maker RAC Electric Vehicles, with 30 sets to be initially shipped in the second quarter of 2021, Lien said. Besides, Teco has been developing power systems for electric trucks, with road tests underway, Lien indicated. Teco is setting up a production line for EV-use power systems and will complete it in early May 2021, Lien added.
Teco is modifying its factory in northern Taiwan to become its first fully automated facility, with modification scheduled for June 2021, Lien noted, adding full automation will be adopted for the Indian plant.
Based on received orders, demand from China, North America and Europe in first-half 2021 is considerably large but that from India and Southeast Asia is quite small, Line indicated.
Teco posted consolidated revenues of NT$45.823 billion (US$1.61 billion), gross margin of 23.47%, operating profit of NT$3.534 billion and net profit of NT$3.511 billion for 2020, and will distribute a cash dividend per share of NT$1.15 for the year.
Teco has reported consolidated revenues of NT$32.363 billion for February, decreasing 18.20% sequentially but increasing 11.34% on year, and those of NT$7.475 billion for January-February rose 9.60% on year.
Teco president George Lien
Photo: Ninelu Tu, Digitimes, March 2021
