Tianneng Group Set for 50 Billion yuan Revenues in 2020

SHANGHAI, Sept. 23 (SMM) – Tianneng Group strives to achieve revenue target of 50-60 billion yuan in 2020, 2.5 times of 2014, finance.sina.com reported.

Four wheel electric vehicle batteries and lithium batteries will be the major contributors. Revenues from lead-acid batteries come at 559 million yuan this year, 7.5% of total revenues, which is expected to grow to 20% in 2020. A total of 3% revenues are contributed by lithium batteries this year and are scheduled to increase to 15% in 2020.

Electric tricycle batteries contribute revenues by 15% currently, which should be 20-25% in the next 5 years. Instead, during the same period, proportion claimed by traditional e-bike batteries will be slashed to 20% from 68.5% in total revenues.

Markets estimate that consumption on four wheel electric vehicle batteries totaled 10 billion yuan in 2014 in China, when combined with demand for lead-acid and lithium batteries, the number is expected to be 90 billion yuan in 2020. New energy electric car will grow to 1 million this year and is likely to rise to 5 million in 2020. 

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