Harbin Electric and Advanced Battery Technology Assist in China’s Electric Vehicles

Encouraging government incentives and green energy initiatives are expected to make China the world leader in electric vehicles in the near future. One of China’s intentions is to reduce urban pollution and decrease its dependence on oil. The Bedford Report examines the outlook for the industrial electric equipment industry and provides equity research on Harbin Electric, Inc. HRBN +1.58% and Advanced Battery Technologies, Inc.

Chinese consumers may purchase about 47 percent more electric vehicles than the US in a decade, according to a consultant at World Bank. Oliver Hazimeh, a partner at PRTM, reports that Plug-in electric vehicles that connect to a power-grid to store energy in batteries will rise to 2.2 million, or 11 percent, of vehicles sold in China in 2020.

China has committed about $15 billion for vehicle electrification over the next five years where it will develop infrastructure to promote electric vehicles while the U.S. has agreed to provide $2 billion to $3 billion to promote battery-powered vehicles.

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Harbin Electric is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company recorded a net income attributable to controlling interest of $17.2 million, or $0.55 per share in the second quarter of 2011.

Advanced Battery Technologies is a leading manufacturer and distributor of rechargeable polymer lithium-ion batteries. The company is also involved in the development and manufacturing of electric bikes, scooters and sports utility vehicles.