Borqs Technologies (BRQS) Stock: Why The Price Jumped Up Over 17%

By Amit Chowdhry ● Apr 26, 2022
  • The stock price of Borqs Technologies, Inc. (Nasdaq: BRQS) increased by over 17% during intraday trading today. This is why.

The stock price of Borqs Technologies, Inc. (Nasdaq: BRQS) – a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy – increased by over 17% during intraday trading today. Investors are responding positively to Borqs Technologies announcing it is collaborating with Qualcomm and other major chipset vendors to engage in the R&D and sales of automobile telematics products, especially for the India and Southeast Asia markets. The products include an in-vehicle-infotainment system (IVI) and Telematics Control Unit (TCU), for two and three-wheelers – also called electric scooters or E-bikes.

The Indian electric vehicle market was valued at $1.4 billion last year and it is expected to reach $15.4 billion by 2027, registering a CAGR of 47.09% during the forecast period (2022-2027). And the automotive sector in India is dominated by two-wheelers (scooters, motorbikes) and three-wheelers (autos and rickshaws) that play a significant role in last-mile mobility in the country. Plus rising government emphasis and focus on private and government players partnership to enhance EV ecosystem in the country. The increasing investments and product launches by major OEMs into the country and their focus on localizing supply chain facilities are expected to create a positive outlook in the market.

India electric two-wheeler sales increases by 132%. And the electric vehicle market has been on a path to a positive growth and the year 2021 saw substantial sales, especially in the electric two-wheeler category in India. The total sales of electric two-wheelers, including high-speed and low-speed, in the 12-month period (January-December) in 2021 increased by 132% over the corresponding year 2020. The industry registered sales of 233,971 units as against 100,736 units sold in 2020. And the high-speed electric two-wheelers, which have speeds greater than 25 km/h and require a full license, registered a whopping 425% growth, while the low-speed ones (less than 25 km/h, no license, no registration) grew only by 24%.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.