UQM Technologies Announces Entry into the Taiwan Bus Market with the Order for a PowerPhase®DT System for the Chung Shing Gr...
June 12 2018 - 7:30AM
Business Wire
- Chung Shing has made a strategic
decision to evaluate expansion into the electric bus market and has
selected UQM and the PowerPhase®DT system for their
powertrain solution.
- This order kicks-off the initial
demonstration phase to put the UQM PowerPhase DT system into Chung
Shing buses, leading to the plan to supply their electrified
vehicle portfolio.
- UQM has applications of its PowerPhase
DT system in North America, India, South America, China, Europe and
now Taiwan.
UQM Technologies, Inc. (NYSE American: UQM) announced
today the receipt of an order for a PowerPhase®DT system for
the Chung Shing Group, located in Taiwan. Chung Shing has selected
the UQM PowerPhase DT system for evaluation and trial for their
electric bus offering. The UQM PowerPhase DT system offers best in
class power density and performance for full size buses. In
addition, the UQM drivetrain in the PowerPhase DT provides a
greater speed and torque range than direct drive systems, allowing
smaller electric motors to drive large vehicles. The UQM electric
drivetrain system also allows for improved packaging, greater
efficiency, greater payload capacity and lower cost when compared
with direct drive or single-speed drivetrain strategies.
As battery costs rapidly decrease, heavy-duty commercial and
transit markets see the economic potential of electric drive
vehicles compared to large diesel engines and multispeed
transmissions. Fuel savings of pure electric vehicles (>20 mpg
equivalent) compared with traditional diesel (4 mpg) and hybrid
systems (6 mpg) is enough to quickly recover the investment in an
electric drive.
According to UQM CEO Joseph Mitchell, “Working with a world
class company such as the Chung Shing Group and our entry into the
Taiwan market is another significant step in the global expansion
and growth of UQM. We continue to bring on world class customers
into the UQM portfolio and this is a testament to the quality of
our products and our excellent team representing us around the
world. We definitely look forward to supporting the Chung Shing
Group and their expansion into the EV market.”
“The high efficient E-drive system and technical cooperation
with UQM will improve the efficiency of the bus fleet and save
energy as well as total cost of ownership,” says Mr. Jeffrey Lu,
President and CEO of Chung Shing Group. “This is in line with the
demands of Taiwan city bus ecological environment.”
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck,
bus, automotive, marine, and industrial markets. A major emphasis
for UQM is developing propulsion systems for electric, hybrid
electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM is TS 16949 and ISO 14001 certified and located in Longmont,
Colorado. For more information, please visit www.uqm.com.
About Chung Shing Group
Chung Shing Group currently consists of Chung Shing Bus, Kung
Hua Bus, Zhinan Bus, Tansui Bus, Hsin-Ho Bus, Keelung Bus, and King
Lung Automobile Manufacturing Co., Ltd. The fleet size is 1,818,
serving mainly Taipei City, New Taipei City, Keelung City, and
Taoyuan City. From 2008, King Lung Automobile Manufacturing Co.,
Ltd. was established to design and assemble chassis and build the
first low-floor bus in Taiwan. After that, it continued to research
and develop high-speed buses, rehab buses, medium-sized low-floor
buses, and other models. So far the factory has more than 2,000
low-floor buses and high-bay buses. Recently, based on
environmental protection and government policies, it has also begun
to invest in research and development of electric buses. For more
information, please visit www.csgroup-bus.com.
This Release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
These statements appear in a number of places in this Release and
include statements regarding our plans, beliefs or current
expectations; including those plans, beliefs and expectations of
our management with respect to, among other things, gaining
required certifications, new product developments, future orders to
be received from our customers, sales of products from inventory,
future financial results, liquidity, and the continued growth of
the electric-powered vehicle industry. Important Risk Factors that
could cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-K and Form
10-Qs, which are available through our website at www.uqm.com or at
www.sec.gov.
Source: UQM Technologies, Inc.
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BPC Financial MarketingGeoff Quinn, 800-544-3092orUQM
Technologies, Inc.David Rosenthal, 303-682-4900
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