Collaborating to Expand the Asian Market for Electric Ship and Bus Drive Systems
TECO announced today (the 11th) that it signed a "Production, Sales, and Technical Cooperation Agreement" with Finnish electromechanical company Visedo. In the future, the two electromechanical giants will collaborate on the production of high-efficiency
motors, drive systems, and SRPM (Synchronous Reluctance Assisted Permanent Magnet) motors for marine and automotive applications. Expecting the Asia-Pacific region to be the world's fastest-growing market for electric ships and vehicles, particularly China's
massive demand for electric vehicles, the two companies will leverage their respective strengths in design, manufacturing, and sales networks to jointly explore business opportunities in Asia.
Visedo, a heavy-duty electric drive motor manufacturer founded in Finland in 2009, primarily provides electric drive systems for the marine industry, commercial vehicles, and heavy machinery. Earlier this year, the Kaohsiung Cijin Ferry adopted an electric
propulsion system designed and manufactured by Visedo, becoming Asia's first hybrid green ferry. With Visedo and TECO becoming partners, TECO's robust manufacturing capabilities will enable mass production of drive systems similar to the Cijin Green Ferry
in Asia. These systems can then be marketed across Southeast Asia and mainland China through TECO's extensive production bases and network.
Visedo CEO Kimmo stated that signing a cooperation agreement with TECO is a historic step for Visedo. With TECO as a production and sales partner, Visedo will not only further penetrate the Chinese, Taiwanese, and Asian markets, but will also leverage
TECO's production capacity to strengthen Visedo's competitiveness.
TECO Chairman Chiu Chun-chih noted that TECO boasts a comprehensive sales and service network in Asia and a leading market share. TECO's industrial motors rank first in Southeast Asia, second in the Asia-Pacific region for low-voltage motors, and nearly
50% of the total market share in Taiwan. TECO's superior production quality ensures its position as Taiwan's leading motor manufacturer.
According to statistics, the Asia-Pacific region is one of the fastest-growing markets for electric vehicles globally, with China being the world's largest and fastest-growing electric bus market. By 2025, it is projected to reach over 50% of the global
market share, with electric buses expected to grow at a rate of approximately 20%, creating enormous business opportunities. In the field of large vessels, electrification is becoming a global trend to meet environmental demands and reduce noise pollution.
The global market for hybrid marine propulsion systems is estimated to reach approximately US$4.45 billion by 2022, creating immense opportunities in the waterway transportation markets of Southeast Asia and China. Chairman Qiu is confident that the partnership
between TECO and VISEDO will capitalize on regional business opportunities, jointly producing and developing higher-quality electric drive systems for customers, and creating new opportunities for mutual benefit in the Asia-Pacific market.
