Mr. Zhiguo Fu, CEO of ABAT, stated, "We are pleased to report an increase in our revenue attributable to medium and large capacity batteries and electric vehicles. This has been beneficial to the profitability of our overall business. The margins that we are able to achieve in selling larger capacity batteries are significantly greater than the margins we achieve in selling smaller capacity batteries. In order to meet higher demand from both battery and electric scooter markets, the company intends to accelerate growth by both adding more facilities and pursuing acquisition opportunities."
Third Quarter 2010 Financial Results
The Company recorded total revenues of $25.9 million for the three months ended September 30, 2010, an increase of $8.2 million or 46.4% compared to $17.7 million for the three months ended September 30 2009. The increase in revenues was primarily due to the sales generated from the electric vehicle business, which the Company acquired on May 4, 2009. Sales of electric vehicles for the three months ended September 30, 2010 were $13.9 million, compared to $6.7million for the three months ended September 30, 2009. Read more.