1. Taiwan Stocks

  2. •

    Consumer durables

  3. •

    Motor vehicles
RAC Electric Vehicles Inc

RAC Electric Vehicles Inc

TTPEX:2237
31.15
TWD
-0.20
(-0.64%)
3.63BMarket Cap
RAC Electric Vehicles Inc
TPEX:2237
(Taipei Exchange)

Recent

price

31.15

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
- -
4.39
15.02
8.5
2.65
1.49
2.93
2.35
4.49
3.57
9.12
19.02
11.04
17.42
- -
Revenue per Share
- -
-4.59
-2.91
-5.53
-5.14
-2.86
-2.06
-1.97
-2.03
-1.54
-1.85
-1.54
-1.72
1.33
- -
Basic EPS, GAAP
- -
-12.22
-4.12
-6.41
-4.54
-2.21
-5.59
-2.29
-1.81
-4.09
-4.08
-8.38
-0.31
-2.2
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.32
2.41
9.6
4.06
3.91
4.44
4.37
4.69
5.62
8.73
6.84
5.24
8.8
10.05
11.23
Book Value per Share
0.31
2.39
9.54
4
3.85
4.41
4.26
4.59
5.53
8.65
6.2
4.63
8.48
9.78
10.97
Tangible Book Value per Share
25
13
22
25
32
40
58
68
76
90
100
100
117
120
121
Basic Weighted Avg Shares
- -
58
330
212
84
59
170
160
341
321
909
1,901
1,287
2,096
- -
Sales/Revenue/Turnover
- -
-97.85
-22.83
-61.62
-193.95
-162.52
-91.21
-83.96
-48.77
-52.38
-19.12
-8.07
-11.6
7.94
- -
Operating Margin (%)
- -
1
6
7
7
8
5
17
19
25
66
76
81
89
- -
Depreciation Expense
- -
-61
-64
-138
-163
-113
-119
-134
-154
-138
-185
-154
-200
160
- -
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
-104.69
-19.39
-65.09
-194.17
-191.6
-70.33
-83.83
-45.11
-43.01
-20.29
-8.11
-15.55
7.65
- -
Profit Margin (%)
-9
39
174
33
88
198
219
277
427
682
501
366
743
869
941
Working Capital
29
57
30
19
8
4
- -
25
94
402
606
660
362
234
205
LT Debt
7
55
240
101
138
223
262
328
477
881
702
538
1,064
1,224
1,367
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
-196.3
-43.52
-81.04
-136.53
-62.89
-49.25
-45.37
-38.22
-20.33
-23.51
-25.32
-25.15
14.03
- -
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Jun'25
Dec'25
Mar'26
ST Debt
752
1,036
1,351
LT Borrowings
131
100
83
LT Finance Leases
153
134
123
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
121
122
122
Market Capitalization
2,688
3,897
3,629

Working Capital

TWD

•

in mil. unless spec.
Jun'25
Dec'25
Mar'26
Total Current Assets
2,186
2,897
3,404
Cash, Cash Equivalents & STI
154
135
222
Accounts Receivable, Net
186
466
552
Inventories
374
534
581
Total Current Liabilities
1,374
2,028
2,462
Payables & Accruals
- -
- -
- -
ST Debt
752
1,036
1,351
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
33.94%
30.72%
15.07%
Free Cash Flow
98.05%
164.7%
636.06%
Net Income, GAAP
-12.32%
-28.67%
-180.12%
Sales/Revenue/Turnover
52.16%
63.39%
62.83%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1,287
2025
301
456
- -
- -
2,096
2026
877
- -
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
-1.72
2025
-0.07
0.38
- -
- -
1.33
2026
1.13
- -
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
RAC Electric Vehicles Inc. RAC Electric Vehicles Inc. (2237.TWO) develops, manufactures, and sells electric commercial vehicles, primarily all-electric low-floor buses and zero-emission vehicles, in Taiwan. The company offers self-developed models such as the RAC-700 series, Taiwan's first government-certified electric bus by the Ministry of Transportation and Communications; these buses feature high-capacity yttrium lithium batteries, high-power motor drive systems with regenerative braking, advanced battery management systems, and vehicle power control systems, achieving cruising ranges of 260-350 km per full charge while meeting international high-voltage 600V standards and reducing operating costs through lower maintenance compared to diesel buses. RAC integrates industry supply chains for comprehensive vehicle design, power management, charging services, repair, maintenance, and training programs; its buses serve major operators including Taipei Bus, Taoyuan Bus, Hsinchu Bus, Kaohsiung Bus, and others across Taiwan routes like SanXia Taipei University Line, Hsinchu Science Park, Sun Moon Lake Ring Route, and Kaohsiung Qishan Line, with deployments totaling over 140 vehicles; operations extend internationally to the Philippines and collaborative projects in Japan. Founded in 2005 by Raymond Tsai and headquartered at No. 33, Lane 291, Wuqing Road, Taoyuan City, Taiwan, RAC focuses on innovative, environmentally friendly vehicles aligned with government energy conservation and carbon reduction goals, achieving high domestic value-added rates that meet national standards. Recent developments include a 2019 strategic investment from Sumitomo Corporation, which acquired a 6.7-7% stake for JPY450 million (about US$4.12 million) to leverage RAC's manufacturing for electric bus sales and retrofitting in Japan; ongoing partnerships with Sumitomo and Nishitetsu Group for low-cost retrofit EV buses from diesel models, with deliveries in 2022 to Nishitetsu Bus Kitakyushu and 2024 expansions to Tokyo-area operators like Kokusai Kogyo, reducing CO2 emissions by up to 48%; a 2023 collaboration with Danan Bus and TECO Electric & Machinery to launch 48 domestically powered electric buses using TECO's DMIT-certified powertrain, advancing Taiwan's electric bus ecosystem; and plans announced in 2025 to file for an IPO on Taiwan's Emerging Stock Market by year-end, positioning RAC as a leader in smart electric bus growth.