TECO Electric to unveil new electric motors

Taipei, April 11 (CNA) TECO Electric and Machinery Co. announced Wednesday it will unveil a series of new electric motors the following day at the opening of a vehicle show in Taiwan's capital. The company will be showcasing the new products at the 2012 Motorcycle and Taiwan Electronic Vehicle Show in Taipei, which runs through April 15, according to TECO Electric Chairman Liu Chao-kai. The company has spent over 2.5 years investing in the research and development of electric motors, and it will be promoting the use of the motors in cars, buses, motorcycles and even in motorized tricycles that are often found in Southeast Asia, said Liu. Liu said the company aims to initially produce 100,000 of the motors and will sell each for about US$1,000. He added the company aims to start mass production within the next three months. The company is one of the world's top three motor manufacturers, and the first Taiwan company to have imported Japan's hub motor technology and acquired international ISO certification, Liu added. Moreover, renowned Japan automobile companies, such as Mitsubishi Motors and Suzuki are testing the company's electric hub motor, while United States motorbike company Vectrix is also testing it for use in large electric bikes, Liu continued, saying that such interest shows the potential of the firm's hub motor. The company plans to export its first batch of 100 motors to the Japanese firms, a report in the Chinese-language United Daily News quoted Liu as saying. The estimated global market for hub motors is about NT$7 billion (US$236.72 million), according to a report published by TECO Electric in 2010, the newspaper's report continued. Amidst rising global oil prices, TECO Electric is focusing on the development of green industries and the company's goal is to become a major leader in the electronic vehicle industry, the UDN report quoted Liu as saying. (By Hsu Hsiang-hsin and C.J. Lin)