HONG KONG, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Ev Dynamics (Holdings) Limited (HK: 0476), a leading developer and manufacturer of new energy vehicles (NEVs), has expanded its global reach by entering the growing North American NEV market with an innovative solution for manufacturers of buses, coaches, trucks and vans.
The B2B solution offers Ev Dynamics’ proprietary e-platform chassis that has been designed especially for the rapid development of electric and hydrogen vehicles. The platform is a complete rolling chassis that houses the drivetrain, battery or hydrogen fuel cell, and vehicle control unit.
A traditional coach builder can use an existing vehicle body to produce complete NEVs on their existing manufacturing line simply by replacing the petrol-powered frame with an Ev Dynamics e-platform chassis.
“The advantage of our unique B2B solution is that it enables manufacturers of commercial vehicles to rapidly introduce NEVs to their customers,” stated Ev Dynamics CEO, Miguel Valldecabres Polop. “Our solution can also limit the development costs and regulatory approvals required to establish new vehicle designs and a specialized NEV manufacturing facility.”
“Ev Dynamics can help manufacturers overcome such barriers to entry and we can accelerate our own time-to-market by leveraging our NEV manufacturing capability in tandem with their existing traditional vehicle manufacturing and distribution infrastructure. So, rather than competing, we collaborate and supply our base NEV system that they can integrate with their existing vehicle designs and manufacturing process. This enables both of us to quickly produce vehicles that are already ideally designed for their particular regional marketplace.”
The e-platform chassis system will be entirely produced at Ev Dynamics’ state-of-the-art fully licensed NEV manufacturing facility in China’s Wulong Industrial Park. The facility can also produce complete buses, coaches, trucks and vans based upon a vehicle manufacturer’s custom specifications.
Ev Dynamics enters North America as regional and federal governments increasingly introduce new mandates for the adoption of zero-emission vehicles (ZEVs). Late last year, California implemented more stringent regulations, mandating that all new cars and passenger trucks sold in the state are required to be zero-emission by 2035.
There are now nine states that have adopted California's ZEV and low-emission vehicle regulations, which includes Connecticut, Maine, Maryland, Massachusetts, New Jersey, Oregon, Rhode Island, Vermont, and most recently New York, with others expected to soon follow.
At the U.S. federal level, in addition to numerous tax and loan incentives for commercial NEV adoption, new mandates enacted this year are aimed at making half of all new U.S. vehicles sold in 2030 electric powered.
Canada has set a mandatory target for all new light-duty cars and passenger trucks to be zero-emission by 2035, moving up the previous target by five years.
Mexico recently issued more stringent standards for toxic emissions from heavy-duty diesel engines and vehicles, including trucks, buses, large pickups, and vans. This has put pressure on Mexico’s vehicle manufacturers to produce more NEVs instead of petrol-powered vehicles.
“After launching a new international sales effort last year to address these global clean energy trends, we have established several major footholds worldwide,” continued Valldecabres. “Given the increasing demand across North America, we view this market entry as a natural extension of our expanding global footprint. In fact, given the legislative mandates sweeping the region, we see the demand for new energy vehicles to soon outstrip the industry’s global production capacity.
“This means significant opportunities for our innovative B2B approach that we believe could make us a leading choice for pre-configured NEV chassis solutions in North America and around the world.”
The company has already established a pipeline of partnerships and manufacturing agreements in North America. This includes a major investment in a provider of electric and hydrogen-powered commercial vehicles that will use Ev Dynamics exclusively for all of its NEV manufacturing.
The company is looking to take advantage of the rapid expansion of the global NEV market which has a projected compounded annual growth rate (CAGR) at 16.8%, potentially reaching US$286.3 billion by 2027. In the U.S. alone, the electric bus market is expected to grow at a 58.4% CAGR to reach US$2.7 billion by 2024.
The company’s entrance of the North American NEV market follows recently gained footholds in South America, Europe, and Southeast Asia through strategic investments and key partnerships. Earlier this month, Ev Dynamics announced it has now shipped more than 70 of the 500 Philippine COMET electric minibuses it has been contracted to produce over the next two years.
In Europe, Ev Dynamics’ 12-meter E-Bus recently passed two key certifications that has paved the way for entry into the European market. The first shipment of Ev Dynamics E-Buses are currently on their way to Munich, Germany, where they will serve as demonstration units for potential European customers.
About Ev Dynamics
Ev Dynamics (Holdings) Limited is a pioneer and an emerging prominent player in the world’s new energy commercial vehicles market. It is a component and whole-vehicle manufacturer of specialty passenger vehicles and new energy passenger vehicles. It provides integrated driving and logistics solutions based upon a solid technological foundation in diverse areas, including new energy platform power systems and key components. The company’s NEV R&D center is located in Shenzhen and manufacturing base in Wulong, Chongqing, China, with a sales network across Mainland China, Hong Kong, Asia Pacific and South America. To learn more, go to evdynamics.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward looking statements include, without limitation, statements relating to the Ev Dynamics (Holdings) Limited’s (or the “Company’s”) plans to enter the U.S. market and other markets, the Company’s plans to increase manufacturing at its facilities, the Company’s sales increasing, the Company’s ability to attract new customers, the Company’s intent into new partnerships, the Company’s plans to make additional investments, the Company’s products achieving marketing acceptance and similar statements. These statements are based on the Company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Ev Dynamics (Holdings) Limited or its advisors that any of its plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the significant risks and uncertainties inherent in its business. Such risks include, but are not limited to [the following: the Company’s goals and strategies, expansion plans, future business development, financial condition and results of operations; operating history; risks associated with electric vehicles, the Company’s ability to develop, manufacture, and deliver high quality products and solutions, and appeal to customers; products and solutions defects or any other failure to perform as expected; the Company’s ability to compete successfully; the Company’s ability to build its brand and withstand negative publicity; cancellation of order; the trends in, and size of, global and target EV markets; the Company’s expectations regarding demand for, and market acceptance of, its products and services, its relationships with customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; changes in demand and government incentives, subsidies, or other favorable government policies; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s website and filings with The Stock Exchange of Hong Kong Limited. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.
Company Contact
Miguel Valldecabres
CEO, Ev Dynamics (Holdings) Limited
Tel +852 2152 9998
Email Contact
Media and Investor Relations Contact
Ron Both or Justin Lumley
CMA
Tel +1 (949) 432-7566
Email Contact
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