Shihlin Electric & Engineering Corp. secured a NT$1.7 billion ($53 million) five-year syndicated loan led by Changhua Bank to capitalize on Taiwan’s growing green transportation sector.
Shihlin Chairman Tsai Yu-ching, who also leads subsidiary Hwadar Power Technology, said the company has already delivered over 100 electric buses in Taiwan. With current orders and commitments, Hwadar projects its domestic electric bus fleet will exceed 1,000 vehicles by 2026, positioning it ahead of industry rivals.
Taiwan’s Ministry of Transportation announced a 2024 electric bus promotion program targeting 2,070 vehicles, though industry fulfillment has reached only 50% due to transit companies’ vehicle replacement issues and charging infrastructure coordination challenges.
Hwadar has accumulated orders for more than 300 buses, expecting to complete deliveries by Q1 2026. First-quarter orders already surpass 50% of last year’s total volume, with visibility extending into next year.
The company has also expanded internationally, delivering 24 buses to Japan in 2023 and planning 50-60 deliveries this year. Japanese deployment agreements now exceed 300 vehicles across more than ten transit companies. Shihlin has further invested in Detroit-based Optimal for the U.S. market.
The syndicated loan involved seven financial institutions including Changhua Bank, Taiwan Business Bank, and Mega International Commercial Bank.
