HONG KONG ,
Sept. 4,
2024 /PRNewswire/ -- Highway Holdings Limited
(Nasdaq: HIHO, the "Company" or "Highway Holdings") today announced
the Company received an initial order of 100,000 units for a new
model of brushless electric motor from one of its largest strategic
customers. The new motor was designed and manufactured by the
Company specifically for such customer, with the Company serving as
the Original Design Manufacturer ("ODM"), rather than as an
Original Equipment Manufacturer ("OEM").
Roland Kohl, chairman, president
and chief executive officer of Highway Holdings, commented, "We are
very pleased to finally get this order. The development began
nearly five years ago under an ODM project instead of an OEM one.
However, the original schedule faced significant delays, extending
over three years, due to the impact of COVID-19 and its
aftermath."
"We currently manufacture synchron and stepping motors for
another major customer, and our new model brushless electric motor
is a significant addition to our existing production lines. As soon
as our new production line gears up and is fully operational, we
anticipate becoming a leading supplier of this motor type to the
customer we designed the motor for. The increased demand for this
new model is expected to significantly boost our production volume
and serve as a major contributor to our revenue growth in the near
future."
About Highway Holdings Limited
Highway Holdings is an international manufacturer of a wide
variety of quality parts and products for blue chip equipment
manufacturers based primarily in Germany. Highway Holdings'
administrative offices are located in Hong Kong and
its manufacturing facilities are located in Yangon,
Myanmar and Shenzhen, China. For more information, visit
the Company's website at www.highwayholdings.com.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements which involve risks and uncertainties, including but not
limited to economic, competitive, governmental, political and
technological factors affecting the company's revenues, operations,
markets, products and prices, and other factors discussed in the
company's various filings with the Securities and Exchange
Commission, including without limitation, the company's annual
reports on Form 20-F.
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SOURCE Highway Holdings Limited