Borqs Technologies Advancing 2-Wheeler Smart Cluster Dashboard Into Attractive Taiwanese Market
Borqs Technologies (Nasdaq: BRQS) announced its entry into the two/three-wheel automotive market with the development of a smart cluster dashboard, showcased at the January 2023 CES Exhibition. This innovative unit connects to the internet via cellular networks and features functionalities like mobile telephony, vehicle diagnostics, and location services. Partnering with Faspro Systems for sales and deployment, Borqs aims to diversify its revenue streams in the growing Taiwanese market, which has 14.38 million registered motorcycles. The overall motorcycle market is projected to reach $530 billion by 2030.
- Entry into the two/three-wheel automotive market enhances revenue diversification.
- Successful demonstration of the smart cluster dashboard at CES 2023.
- Partnership with Faspro Systems aids sales and deployment efforts.
- Dependence on the Taiwanese market may pose risks if the region underperforms.
The global motorcycle market is expected to reach at a value of
SANTA CLARA, Calif., March 13, 2023 (GLOBE NEWSWIRE) -- 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 entered into the two/three-wheelers automotive space by developing the smart cluster dashboard and has successfully demonstrated the newly developed unit during the 2023 January CES Exhibition. The new smart cluster dashboard is installed on a two-wheeler and connected to the internet via the cellular network. The Company is partnering with Faspro Systems who will assist Borqs in sales and also support deployment in the region.
As of October 2022, there are 14.38 million motorcycles and 8.43 million cars registered in Taiwan. That is, about 62 percent of Taiwanese 23.19 million population currently own a scooter. Full Year 2022 sales have been 752,631 units. The electric vehicle segment is growing moderately.
The smart cluster dashboard, developed by Borqs’ design team, supports global cellular bands, dual-band Wifi and GPS. The unit 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 smart cluster dashboard 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.
“We’re very excited about the opportunity to diversify Borqs revenue streams by enter our ready smart cluster dashboard product in attractive market in Taiwan. We believe that there’re also significant opportunities for our product throughout Asia & globally,” stated Mr. Pat Chan, CEO of Borqs.
Reference:
Read more: https://tribune.net.ph/2022/11/25/motorcycles-and-transportation-in-taiwan/
https://www.motorcyclesdata.com/2023/01/29/taiwan-motorcycles/#:~:text=in%20the%20second.-,Full%20Year%
https://reportsandinsights.com/report/motorcycle-market
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. Website: www.borqs.com.
Forward-Looking Statements and Additional Information
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Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
IR@borqs.com
www.borqs.com
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