on SMT Scharf AG (ETR:S4A)
SMT Scharf AG Advances Electric Mobility Strategy
SMT Scharf AG has signed a legally binding agreement with CCTEG (Taiyuan) Times Power Technology Co., Ltd. This collaboration aims to develop light electric vehicles (LEVs) for global markets, focusing on underground coal and non-coal mining and tunnel logistics. Prototype production is targeted for completion by the end of 2026.
Activities will be centered in China, utilizing Chinese lithium battery expertise. Global subsidiaries of SMT Scharf will manage sales and market distribution. The LEVs will be designed for low-emission and energy-efficient operations suitable for mining and tunnel construction.
CEO Longjiao Wang emphasizes the strategic move towards low-emission solutions, noting increased demand due to geopolitical tensions. The partnership combines SMT Scharf's expertise with Times Power's manufacturing prowess.
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