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25-02-2008 Although
Harbin Electric, Inc. has been capitalizing on the industrialization of China
with the help of its linear motor segment, its automobile segment is what will
propel growth going forward, said Christy Shue, executive VP of finance and investor
relations for Harbin, in an exclusive interview at the 20th annual Roth OC Growth
Stock Conference this week in Dana Point, Calif. The
company has several new products in development, including a specialty micro motor
used for automobile back-seat folding. Typically,
auto vehicle seats need 15 to 20 electric motors to move the seats. In 2006, China
made 6 to 7 million cars and 2008 promises to exceed that amount, said Shue. "The
market is new," Shue said. "As automation has grown considerably since
five years ago, many low-end cars are converting to automation and cars need motors
to make things automated." Harbin
entered the specialty micro-motors space for automobile interior applications
when it acquired Taifu Auto Electric in July 2007. The company's third quarter
was the first quarter for which the acquisition was accretive to revenue, which
comprised 27% of third-quarter sales. According
to Shue, Harbin is the only company of its kind that manufactures this type of
motor. "Proprietary
technology is what enables us a competitive advantage," she said. "There
are currently no competitors for the products we offer."
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