Highway Holdings Receives Initial Customer Order for New Brushless Electric Motor

HONG KONG, Sept. 5, 2024 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO, the "Company" or "Highway Holdings") today announced the Company received an initial order of 100,000 units for a new model of brushless electric motor from one of its largest strategic customers. The new motor was designed and manufactured by the Company specifically for such customer, with the Company serving as the Original Design Manufacturer ("ODM"), rather than as an Original Equipment Manufacturer ("OEM").

Roland Kohl, chairman, president and chief executive officer of Highway Holdings, commented, "We are very pleased to finally get this order. The development began nearly five years ago under an ODM project instead of an OEM one. However, the original schedule faced significant delays, extending over three years, due to the impact of COVID-19 and its aftermath."