Erayak Power Solution Group Inc. Reports Approximately 500% Increase in Generator Sales in Fiscal Year 2022
March 01 2023 - 10:27AM
Erayak Power Solution Group Inc. (“Erayak” or the “Company”)
(Nasdaq: RAYA), a leading manufacturer, designer, and exporter of
high-quality products in the power supply industry, is pleased to
provide the following information concerning the Company's
generator sales in 2022.
For the fiscal year 2022, sales of the Company's
generators increased by approximately 500% compared to the fiscal
year 2021. From July 1, 2022, to February 24, 2023, Erayak received
over 40,000 generator orders, including 1KW inverter generators,
2KW inverter generators, 4KW inverter generators, and traditional
generators. The increase in generator sales is due to the
continuous impact of the European energy crisis that has
significantly increased demand for the Company's generators, with
approximately 91.9% of orders destined for European countries, of
which 24% are expected to be sent to Ukraine.
For the first quarter of 2023, generator orders,
including orders received and in the negotiation process, are
estimated to be around 25,935 units, an increase of 163% compared
to Q3 2022 and an increase of 53.5% compared to Q4 2022. Since the
earthquake in Turkey on February 6, 2023, we have received demand
orders for over 4,000 units directly from Turkey in the past two
weeks.
Erayak Chairman & CEO Mr. Lingyi Kong
stated, "We are proud to have our generators actively deployed and
delivering reliable power throughout Europe, including Ukraine. In
addition, since the earthquake in Turkey on February 6, 2023, we
have received orders for over 4,000 units directly from Turkey in
the past two weeks. Improving our production capacity is one of the
main goals of our production department, considering the demand
brought by disasters and reconstruction demand in the next several
years, as well as the overall European market size. Since September
2022, we have installed two additional assembly lines in our
generator production plant, which has increased production capacity
from 3,684 generators per month to 9,614 generators per month.”
About Erayak Power Solution Group Inc.
Erayak specializes in the manufacturing,
research and development, and wholesale and retail of power
solution products. Erayak’s product portfolio includes sine wave
and off-grid inverters, inverter and gasoline generators, battery
and smart chargers, and custom-designed products. Our products are
used principally in agricultural and industrial vehicles,
recreational vehicles, electrical appliances, and outdoor living
products. Our goal is to be the premier power solutions brand and a
solution for mobile life and outdoor living. For more information,
visit www.erayakpower.com.
Safe Harbor Statement
This press release contains forward-looking
statements. In addition, from time to time, we or our
representatives may make forward-looking statements orally or in
writing. We base these forward-looking statements on our
expectations and projections about future events, which we derive
from the information currently available to us. Such
forward-looking statements relate to future events or our future
performance, including: our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as “may,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,”
“predicts,” “potential,” or “hopes” or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement. Forward-looking statements are only predictions. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties, and assumptions about
us. We are not obligated to publicly update or revise any
forward-looking statement, whether as a result of uncertainties and
assumptions, the forward-looking events discussed in this press
release and other statements made from time to time by us or our
representatives might not occur.
Investor Relations Contact:
Skyline Corporate Communications Group, LLCLisa
Gray, Senior Account ManagerOne Rockefeller Plaza, 11th FloorNew
York, NY 10020Office: (646) 893-5835
Email: lisa@skylineccg.com
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