Quan Jing Wang·2025-10-27 03:21Core Viewpoint - The company, TaoTao Automotive, reported strong financial performance for the first nine months of 2025, with significant revenue and profit growth, driven by increased demand for electric golf carts and expansion in overseas production capacity [1][2]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 2.773 billion yuan, a year-on-year increase of 24.89% - Net profit for the same period reached 607 million yuan, reflecting a year-on-year growth of 101.27% - In Q3 2025, revenue was 1.060 billion yuan, up 27.73% year-on-year, while net profit was 264 million yuan, marking a 121.44% increase year-on-year [1]. Market Expansion - The company has expanded its dealer network across most states in the U.S., with increasing demand from inland states beyond coastal areas - The launch of the second brand, TEKO, has been well-received, with customers purchasing multiple brands or units [2]. - Local media reports indicate a growing application of electric golf carts in communities across the U.S., suggesting a rising market demand [2]. Production Capacity and Strategy - The company has significantly increased production capacity at its Vietnam base to support sales in the U.S. market - Plans for localized manufacturing in the U.S. are underway, with mass production expected to start in November, and gradual capacity increases planned - A production base in Thailand is under construction, with plans to begin normal production in Q2 of the following year [2]. Industry Outlook - The company is positioned as one of the few firms with sufficient production capacity in Southeast Asia and the U.S., which is expected to enhance its market share by capturing orders from domestic manufacturers - The electric golf cart market is anticipated to expand from residential to commercial applications, creating additional growth opportunities [3]. - Strategic partnerships with companies like Kepler and Yushu Technology are being pursued to develop intelligent products in humanoid robotics and autonomous driving [3].