Borqs Technologies Demo’s 2-Wheeler Telematics Control Unit (TCU) in India Mobile Congress
12 Outubro 2022 - 10:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions and innovative clean energy, announced that the
Company has forayed into two/three-wheelers automotive space by
developing the Telematics Control Unit (TCU) and has successfully
demonstrated the newly developed TCU in India Mobile Congress held
in New Delhi from October 1 to 4. The newly developed TCU is
installed on a two-wheeler and connected to the internet via the
cellular network.
“We’re very excited that our TCU product is
ready for market deployment, especially in India,” stated Hareesh
Ramanna, GM of Borqs IoT Business Unit and MD of Borqs India. “We
believe that there’re also huge opportunities in this kind of
products in the entire Asia.”
The TCU, developed by Borq’s design team in
India, supports global cellular bands, dual band Wifi and GPS. The
TCU enables the connected 2-wheeler to provide mobile telephony,
data connectivity, vehicle diagnostics, location services, remote
vehicle control, battery management. and sensing capabilities.
Through a companion Application on a smart phone, a user can locate
and control the 2-wheeler, locate near-by charging/gas stations,
etc. Connected to a cloud, a whole set of analytics and guidance
can be provided to various stake holders. The TCU is modular in
architecture and has ample I/Os for any custom design. Borqs having
its core strength in development of cellular radios can support
OEMs for system integration on the vehicles to get better
connectivity.
According to market research, the Indian
electric vehicle market was valued at USD 1,434.04 billion in 2021,
and it is expected to reach USD 15,397.19 billion by 2027,
registering a CAGR of 47.09% during the forecast period
(2022-2027). The automotive sector in India is dominated by
two-wheelers (scooters, motorbikes) and three-wheelers (autos and
rickshaws) that play a significant role in last-mile mobility in
the country. Rising government emphasis and focus on private and
government players partnership to enhance EV ecosystem in the
country. Increasing investments and product launches by major OEMs
into the country and their focus on localizing supply chain
facilities are expected to create a positive outlook in the
market.
The electric vehicle market has been on a path
to a positive growth and the year 2021 saw substantial sales,
especially in the electric two-wheeler category in India. The total
sales of electric two-wheelers, including high-speed and low-speed,
in the 12-month period (January-December) in 2021 increased by 132%
over the corresponding year 2020. The industry registered sales of
233,971 units as against 100,736 units sold in 2020. The high-speed
electric two-wheelers, which have speeds greater than 25 km/h and
require a full license, registered a whopping 425% growth, while
the low-speed ones (less than 25 km/h, no license, no registration)
grew only by 24%.
Reference:
https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-market#:~:text=The%20Indian%20electric%20vehicle%20market%20was%20valued%20at%20USD%201%2C434.04,period%20(2022%2D2027)
https://www.financialexpress.com/auto/electric-vehicles/electric-two-wheeler-sales-increase-by-132-top-10-ev-players-in-india/2399833/
About Borqs Technologies,
Inc.Borqs Technologies (Nasdaq: BRQS, “Borqs”, or the
“Company”) is a global leader in software and products for the IoT,
providing customizable, differentiated and scalable Android-based
smart connected devices and cloud service solutions. Borqs has
achieved leadership and customer recognition as an innovative
end-to-end IoT solutions provider leveraging its strategic chipset
partner relationships as well as its broad software and IP
portfolio. Borqs’ unique strengths include its Android and Android
Wear Licenses which enabled the Company to develop a software IP
library covering chipset software, Android enhancements, domain
specific usage and system performance optimization, suitable for
large and low volume customized products, and is also currently in
development of 5G products for phones and hotspots.
Borqs acquired controlling shares of the solar
energy storage system entity, Holu Hou Energy LLC (HHE), in October
2021. Holu Hou Energy, LLC, a Delaware Corporation, brings
state-of-the-art renewable energy and energy storage systems to the
Single-Family Residential, Multi-Dwelling Unit Residential and
Commercial building markets. With operations in California, Hawaii,
Wisconsin and Shanghai, HHE engineers proprietary storage system
and control platform solutions, including a breakthrough “HHE
Energy Share” technology that is key to development of the
Multi-Dwelling Unit Residential housing market. HHE is a vital
partner for investors and asset owners that are seeking ESG
solutions. For more information, visit www.holuhou.com.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
IR@borqs.comBorqs Technologies, Inc. www.borqs.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d8c6871-ed4a-41de-b8e8-fa4253c7bb54
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