With China's expansion in the new energy car market, the charging pile market shows a strong increasing trend, with more and more equipment manufacturers flooding into the charging pile industry.
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According to Tesla's announcement on December 23rd 2020, it plans to invest CNY 42 million to build a supercharging pile factory, integrating production and R&D. Producing charging piles in China will accelerate Tesla's speed in the charging pile construction, meeting users' rising needs. By the end of 2020, Tesla had built 5,000 supercharging piles in China.
The increasing investment in charging piles results from new energy cars' growth, which can hardly happen without government support. In the new era of intelligence, new infrastructure is gaining more and more attention, and the charging piles were included recently. Moreover, industrial development planning from 2021 to 2035 saw plans to increase new energy car's sales volumes to occupy 20% of the total cars' sales volumes by 2025.
Thanks to the governments' policies and Tesla's new action, there is a massive rise in TGOOD's charging pile concept stock. Furthermore, the control equipment manufacturer has won bidding from the State Grid Corporation of China on December 29th, with a total of CNY 187.29 million. This is a good start for TGOOD's future performance.