LED automotive lighting module maker Laster Tech has restored 90% of production capacity at its Shanghai plant in China, and is stepping up fulfilling its backlog of orders, according to the Taiwan-based company.
Laster had to scale down production at its Shanghai plant to cope with the COVID lockdown in the city. The plant is striving to resume regular operations, along with the easing of the lockdown.
Laster has seen record-high levels of orders on hand, said the company, adding that orders for new energy cars from China thus far this year are about 15% above year-ago levels.
Laster also expressed optimism about its performance in the third quarter of 2022, citing demand arising from a new round of government incentives on new energy cars in China.
Laster saw its revenue fall 24.9% sequentially and nearly 27% on year to NT$302 million (US$10.2 million) in May 2022. The company attributed the revenue decreases to lockdown restrictions in Shanghai and several other Chinese cities, disrupting the supply chains in which it is involved and logistics.
Laster experienced a larger 35% sequential revenue decline in April. Revenue for the first five months of 2022 totaled NT$2.25 billion, down 5.6% on year.
Hasco Vision Technology, Koito Automotive Lamp and Great Wall Motors are reportedly among Laster’s clients engaged in China’s new energy car market.