Taoping to Expand e-Bike Charging Network to 50 Cities in China by End of 2022

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has announced plans to expand its e-bike charger network to 50 cities in China by the end of 2022. The company has received over 320,000 orders for its chargers, developed in cooperation with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd. China currently has over 340 million electric bicycles, but the charging infrastructure only totals about 10.5 million units. This disparity presents a significant market opportunity for growth in e-bike charging solutions, driven by the increasing demand for environmentally friendly transportation.

Positive

• Plans to expand the e-bike charger network to 50 cities in China.
• Received over 320,000 orders for e-bike charging solutions.
• Strategic partnership with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd. for infrastructure development.

Negative

• The current charging infrastructure falls short at just 10.5 million units for over 340 million e-bikes in China.

HONG KONG, Aug. 23, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP"), a provider of blockchain technology and smart cloud services, today announced it plans to accelerate the expansion of its e-bike charger network into 50 cities in China by the end of 2022. Taoping is leveraging its trusted brand, extensive partner network and safe chargers, which are used today in major cities including Shenzhen, Guangzhou, Shenyang, Quanzhou, Zhenjiang, Nanyang, Meizhou, and Maoming, among others. The Company has already received in excess of 320,000 orders for its e-bike charging solution, which it developed in strategic cooperation with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd., a company focuses on the construction, operation and service of the infrastructure for smart cities.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are seeing explosive growth in the e-bike market, with China's total e-bikers expected to far outpace other countries. The rapid growth is being led by the push for environmentally friendly, energy secure sources of transportation. Growth accelerated even faster around COVID, with gyms and other exercise venues closed. Taoping is positioned to seize an even greater share of the lucrative e-bike charging opportunity given the existing footprint of our national partner networks, the faster speed of our proprietary chargers and our trusted band. Underpinning everything is our unwavering commitment to safety – from production through daily operation – which further differentiates Taoping and gives our e-bike chargers a premium as the sought after charging solution."

The Taoping Alliance is focused on further expanding its platform in key markets by building on the Company's close relationships with local governments, local communities, and property operators, to speed installation of its e-bike chargers in urban and suburban settings, office buildings, shopping malls and more. In Zhenjiang, Jiangsu province, for example, more than 200 of the Company's e-bike chargers have already been installed at the Zhenjiang National University Science Park, Zhenjiang New Area New Energy Industrial Park, Xuelin Ya County Community, Wujun New Residence Community, Hongda Commodity Mall, and many other locations.

The number of electric bicycles in China has grown to more than 340 million currently, with an expected 5% CAGR over the next five years. (source: China Bicycle Association). But the charging infrastructure was estimated to reach just 10.5 million electric bicycle charging piles, with a CAGR of 8.12% at the end of 2021. (source: Zhongyan.com). Despite the obvious growth rate, there is still a significant gap between charging facilities and the number of electric bicycles. Taoping is actively working to reduce the significant gap between charging facilities and the number of electric bicycles.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.  There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results due to our limited operating history of providing blockchain technology and smart cloud services, the effects of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and TAOP undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

 

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SOURCE Taoping Inc.

FAQ

What is Taoping Inc.'s plan for e-bike chargers in 2022?

Taoping plans to expand its e-bike charger network to 50 cities in China by the end of 2022.

How many orders has Taoping received for its e-bike charging solutions?

Taoping has received over 320,000 orders for its e-bike charging solutions.

What is the current number of electric bicycles in China?

China currently has over 340 million electric bicycles.

What is the status of charging infrastructure for e-bikes in China?

The charging infrastructure currently totals approximately 10.5 million units, indicating a significant gap.