Alset accelerates electrification of Hong Kong taxis through Chery partnership

Alset announced that New Energy Asia Pacific Company, a Hong Kong based company in which AEI holds a 41.5% ownership interest through a subsidiary, is gaining traction in sales and making considerable progress in its expansion in the electric vehicle market. New Energy has an ongoing strategic collaboration with Kaiyi International Trade, a wholly owned subsidiary of Chery Automobile. Chery, listed on the Hong Kong Stock Exchange, is China’s largest passenger car exporter and the fourth-largest automobile manufacturer in China, producing a diverse range of vehicles including sedans, SUVs, and electric vehicles across multiple brands for both domestic and international markets. New Energy has been selling electric taxis and private passenger vehicles in Hong Kong, with additional units already in production to fulfil confirmed customer orders. New Energy is increasing capacity to meet growing market demand. The Hong Kong Mortgage Corporation, a government-owned financial institution, has established a “Pure Electric Taxi 100% Guaranteed Loan Scheme”, providing loans to taxi owners to purchase all-electric taxis to replace their LPG, gasoline, or hybrid taxis. The scheme will last till September 4, 2028. With these supportive measures lowering upfront cost barriers, these initiatives make it easier for individuals and companies to adopt electric vehicles, driving both growth and sustainability in Hong Kong’s EV market.