Harbin Electric and Advanced Battery Technology Assist in China's Electric Vehicle Dominance
October 18 2011 - 8:16AM
Marketwired
Encouraging government incentives and green energy initiatives are
expected to make China the world leader in electric vehicles in the
near future. One of China's intentions is to reduce urban pollution
and decrease its dependence on oil. The Bedford Report examines the
outlook for the industrial electric equipment industry and provides
equity research on Harbin Electric, Inc. (NASDAQ: HRBN) and
Advanced Battery Technologies, Inc. (NASDAQ: ABAT). Access to the
full company reports can be found at:
www.bedfordreport.com/HRBN www.bedfordreport.com/ABAT
Chinese consumers may purchase about 47 percent more electric
vehicles than the US in a decade, according to a consultant at
World Bank. Oliver Hazimeh, a partner at PRTM, reports that Plug-in
electric vehicles that connect to a power-grid to store energy in
batteries will rise to 2.2 million, or 11 percent, of vehicles sold
in China in 2020.
China has committed about $15 billion for vehicle
electrification over the next five years where it will develop
infrastructure to promote electric vehicles while the U.S. has
agreed to provide $2 billion to $3 billion to promote
battery-powered vehicles.
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Harbin Electric is a leading developer and manufacturer of a
wide array of electric motors with a focus on innovative,
customized, and value-added products. Its major product lines
include industrial rotary motors, linear motors, and specialty
micro-motors. The Company recorded a net income attributable to
controlling interest of $17.2 million, or $0.55 per share in the
second quarter of 2011.
Advanced Battery Technologies is a leading manufacturer and
distributor of rechargeable polymer lithium-ion batteries. The
company is also involved in the development and manufacturing of
electric bikes, scooters and sports utility vehicles.
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