The demand for lithium-ion batteries has skyrocketed as the global push for electrification gains momentum. South Asia, being one of the world's largest motorcycle consumer markets, is extremely keen to adopt motorcycle electrification.
As a leading company in the lithium battery industry for light-duty electric vehicles (LEVs), Greenway launched lithium battery series products compatible with swapping battery system in the Indonesian electric motorcycle market as early as 2018.
To enhance the company's strategic plan, our goal is to broaden our reach in the Southeast Asian market, satisfy the increasing demand for locally produced goods, and boost our market share in the global electric two-wheeler sector. In order to accomplish these objectives, we have invested in Indonesia and founded the Greenway (Indonesia) Holding Company which is focused on the manufacture and distribution of lithium batteries. The company is set to commence operations in Q1 2024.
This is the first overseas manufacturing facility of Greenway following its IPO. This indicates that Greenway's global strategy has reached a new level and will greatly enhance the company's overseas expansion.