Home appliance giant develops NEV business for revenue growth
Home appliance giant Skyworth bets on new business sectors such as carmaking to raise its annual revenue to surpass 100 billion yuan (US$14.5 billion) in the future.
In 2022, Skyworth's new-energy vehicle business covers 43 countries and its overseas revenue jumped 10 times to hit 1 billion yuan. Among all Chinese brands, it has the most car-charging stands in Europe.
Different from others, Skyworth cars offer more connected, comfortable and health-related features for drivers and passengers, based on its intelligence software and experience in the home appliance market, the company said.
Skyworth is one of the top TV makers in China as well as producers of many home-appliance devices.
Intelligent electric vehicles, artificial intelligence, new energy, high-voltage charging, life sciences and other technologies continue to leap forward and are changing the new ecology of new-energy vehicles, said Skyworth Group founder Huang Hongsheng.
Skyworth has entered new business segments covering car-making and new energy, Huang added.
In the future, Skyworth Group aims to double revenue to 100 billion yuan from over 50 billion yuan in 2021. In the first three quarters of last year, its revenue reached 38 billion yuan.
New-energy vehicle has a bigger market potential than home appliance sector. But Skyworth is also facing strict competition from many Chinese car-making newcomers, industry insiders said.