Vestel Mobility aims to reach billion-dollar market cap within the next three years
Türkiye's technology giant Vestel unites all mobility and energy storage projects, run on substantial investments throughout the last ten years, under an umbrella organization of 'Vestel Mobility.' Vestel CEO Ergün Güler noted that the company will focus on charging stations and automotive electronics in the electric vehicle industry which is on course to grow by 30 percent on average per year, as well as battery energy storage systems.
ISTANBUL, April 5, 2024 /PRNewswire/ -- Vestel will unite years of investment in mobility in Turkish and European markets under the 'Vestel Mobility' structure. Targeting a billion-dollar market cap within the next three years, the company has long been investing in mobility, a high-ranking growth area of tomorrow.
Vestel CEO Ergün Güler pointed out that by 2030, electric vehicles will reach 45 percent share in overall global vehicle sales, subsequently creating significant opportunities in automotive electronics with an increasing demand for EV charging stations. Güler explained that the advancing electric vehicle industry also advances battery technologies, prompting a high growth potential for non-automotive battery use. Vestel Mobility, in turn, focuses on AC/DC charging stations, automotive electronics and battery energy storage solutions to take advantage of this growth. Güler added, "Geopolitical transformations are unfolding across the world, accompanied by subsequent technological changes. Vestel follows these changes closely and invests in up-and-coming areas. We have been investing for years now in mobility and energy storage solutions, in both of which we foresee exponential growth. Building on our well-established experience in electronics, we manufacture EV charging stations since 2017 and export them since 2018. We already have a significant market share in this field in Türkiye and Europe."
Electric vehicle market grows rapidly
Ergün Güler reminded that electric vehicles will gain further popularity in the near future: "As of late 2023, electric vehicles constitute around 12 percent of new car sales. That means, if 90 million vehicles are sold per year, then around 10 million of them are electric vehicles. We expect this ratio to reach 40-45 percent by 2030. As the number of electric vehicles soars, so will the market for electric vehicle components, up to around $440 billion by 2030. Boston Consulting Group estimates that the worldwide electric vehicle stocks will reach 225 million by 2030. In direct correlation, the number of charging sockets will reach 124 million, which corresponds to around $42 billion in market size. Driven by the 30 percent yearly average growth in the electric vehicle market, Germany is predicted to maintain its position as the largest market in Europe, with the UK market also set to expand significantly. Vestel is the largest EVC manufacturer and exporter in Türkiye. We export to nearly 30 countries with Germany, Italy, the UK, and Spain taking the lead."
We are the strategic supplier to the evolving vehicle ecosystem
Ergün Güler also underlined that the global technological progress nurtures a brand-new vehicle ecosystem: "Manufacturers of fossil-fuel vehicles and their suppliers are now being replaced by electric-vehicle manufacturers, and this new ecosystem gives way to new suppliers. This is a paradigm shift, and Vestel has positioned itself as a strategic supplier in this new ecosystem. We offer a comprehensive range of automotive solutions including the R&D, design and manufacture of in-vehicle displays, electronic control units, power electronics, and connected vehicle solutions. Vestel makes a name for itself in products and services for cockpit electronics, electric and electronic installations, and power transmission systems for electric vehicles."
Vestel's in-vehicle display stands out with its mini-LED display technology that produces captivating bright and vivid colors. Targeting top-notch user experience for both the driver and the passenger, Vestel combines in-vehicle infotainment screens on an integral display in the cockpit.
'We manufacture storage systems for the renewable energy ecosystem'
Explaining that battery and energy storage systems are another key focus area for Vestel Mobility, Güler noted: "Vestel Mobility pivots all operations around sustainability and prioritizes efficient resource use in all solutions. Our battery and energy storage systems follow the same principle and include battery solutions for the telecommunications industry, and energy storage solutions for domestic, commercial, and industrial settings, along with applications in renewable solar and wind power plants. Household and public energy storage systems are increasingly gaining popularity. In response to this increasing demand, Vestel introduced its first 75 kWh and 300 kWh systems and is scheduling the launch of 5 MWh storage units for solar power plants in 2024. Today, the global Energy Storage Systems market size is estimated at 70-80 GWh. The market is expected to exceed 400 GWh by 2030. Correspondingly, the ESS market value is anticipated to hit $98 billion by 2030."
Vestel's quick-installation energy storage designs integrate with the existing infrastructure, providing efficient energy storage and a reliable power source with the advanced lithium-ion battery technology. The container-type energy storage system, designed for both commercial/industrial use and renewable power plants, provides a multi-functional and reliable solution to reduce costs and optimize power use in case of power grid fluctuations.
Experience in electronics reinterpreted in mobility
Vestel effectively wields in the mobility industry its extensive know-how in software, hardware and design gained throughout its years in the electronics industry. Vestel launched its AC series for household use and small enterprises in 2017 and expanded its portfolio with DC series for fast-charging stations at 60 kW, 120 kW and 150 kW, and ultra-fast charging stations at 180 kW, 240 kW, 320 kW and 400 kW, which are now available at the metered EV charging stations in public parking lots and electric fleet warehouses, reducing charging duration to 10 to 45 minutes.
Scheduled to launch new lines of EVCs with 720 kW power outlets in 2024 and 1 MW power outlets in 2025, Vestel will include electric public transport fleets to its portfolio along with passenger cars.
Vestel has already installed over 180,000 EV charging sockets in Türkiye and in nearly 30 European countries and currently has many global and local customers.
'We are both the shareholder and supplier of TOGG'
Vestel CEO Ergün Güler reminded that Vestel now holds a 23 percent stake in the TOGG project, to which it first participated in 2017: "We aspired to not only be a shareholder at TOGG, but to be a supplier. And today, we manufacture TOGG's trademark integral display. Our vehicles are equipped with mini-LED technology, a feature not commonly found in electric cars. We have channeled our extensive know-how in electronics into this field. We currently contribute to the project in manufacture as well as in design, software, and R&D."
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