Irvine, CA — October 21, 2021 – Boustead Securities, LLC (“Boustead”) client Ev Dynamics (Holdings) Limited (the "Company", Stock Code: 476, together with its subsidiaries, collectively "Ev Dynamics" or the "Group"), a provider of new energy vehicles and integrated technology solutions, has already delivered over 70 units of 6.5-meter COMET electric minibuses to the Philippines.
Ev Dynamics' Chongqing plant is at full steam to meet increasing overseas order volumes
Ev Dynamics will provide not less than 500 units of the 6.5-meter COMET
electric minibus to the Philippines and Malaysia by March 2023
Ev Dynamics is fully armed to complete sales orders from the
Philippines and overseas markets
The delivery is part of the long-term supply agreement signed in March 2021 between the Company and GET Worldwide Inc. ("GET Worldwide"), following the first batch of COMET electric minibuses supplied to Metro Manila and Davao, the Philippines in December 2020. Under the supply agreement, the Company intends to provide GET Worldwide no fewer than 500 vehicle units within 24 months from the effective date of the agreement. The electric vehicles will likely be mainly used in the Philippines and Malaysia.
Freddie Tinga, CEO of GET Worldwide, said: "The Philippines alone could have a demand of at least 100,000 units of this type of vehicle. We have to replace over 300,000 old gasoline mini-buses (Jeepneys)."
Miguel Valldecabres Polop, CEO of Ev Dynamics, said: "Our production plant in Chongqing, which boasts sufficient capacity and advanced technologies, has been operating at full steam to meet the increasing volume of overseas orders. Though our production schedule and fulfilment of orders have been interrupted by the COVID-19 pandemic, our output has been picking up steadily thanks to the reliable supply chains in the PRC. We are confident that we can complete the sales orders from the Philippines and other orders for e-platforms and e-buses elsewhere overseas. The future is very promising for our Company."
John Ma, COO of Ev Dynamics, said: "The COMET is the outcome of 3 years of hard development of our R&D team. The task was to create a vehicle with a very low cost and top technology. The COMET has a complete powertrain developed by the Company and most important the VCU (Vehicle Control Unit) or the brain that operates the complete bus."
For the European market, the Company's 12-meter E-Bus model has passed the homologation tests of the Economic Commission of Europe. Leveraging the business network and experience of strategic partner Quantron AG, the Group believes the high-performing and environmentally friendly bus will be welcomed in the European market as a solution to replace diesel buses currently in use.
In addition, the Group has secured a sizable order for 12-meter e-platforms and 12-meter city buses from Latin America.
About EV Dynamics
Ev Dynamics (Holdings) Limited is a pioneer and a prominent player in China's new energy commercial vehicles market, as well as a whole-vehicle manufacturer of specialty passenger vehicles and new energy passenger vehicles. It is an integrated driving and logistics solutions provider with a solid technological foundation in diverse areas including new energy platform power systems and their key components. The Group has a production base in Chongqing and it has developed its sales network in Mainland China, Hong Kong, Asia Pacific and South America.
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com
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