- Golf cart and electric scooter maker targets dual A-H share status
- Company builds manufacturing network across China, Southeast Asia and US
Tao Motor (涛涛车业), a Zhejiang-based manufacturer of low-speed electric vehicles, has filed for a Hong Kong listing as it accelerates overseas expansion in electric mobility and outdoor recreational vehicles.
The company submitted its application to the Hong Kong Stock Exchange on May 26, with CITIC Securities acting as sole sponsor.
A successful listing would make Tao Motor one of a growing number of Zhejiang companies with dual listings in mainland China and Hong Kong. Tao Motor was listed on the Shenzhen Stock Exchange in March 2023.
If given the green light, proceeds from the Hong Kong IPO are expected to support overseas expansion and capacity construction as Chinese electric mobility manufacturers increasingly seek international growth beyond the domestic market.
Headquartered in Lishui, Tao Motor produces electric low-speed vehicles including golf carts, electric scooters, e-bikes and self-balancing vehicles, as well as all-terrain vehicles and off-road motorcycles used in recreation, short-distance transport and specialized operations.
According to consultancy Frost & Sullivan, the company ranked first globally in the electric low-speed vehicle industry by revenue in 2025, with a market share of about 10.9%.
The company traces its origins to founder Cao Matao (曹马涛), who comes from a family business background in Lishui’s Jinyun county.
A third-generation scion
His grandfather, Cao Guicheng (曹桂成), built an early business in poultry trading, while his father, Cao Yuejin (曹跃进), founded Taotao Group with operations spanning security doors and motorcycle parts.
During a 2006 trip to the US with his father, Cao the fils identified what he viewed as an underserved market for low-speed electric vehicles
In 2015, at age 31, he launched Tao Motor with 28.5 million yuan ($4.2 million) in startup capital from his grandfather, focusing on electric golf carts and scooters.
The company later expanded into major North American retail channels including Walmart and Target.
To support overseas growth, Tao Motor has built a manufacturing network spanning China, Southeast Asia and North America.
Globalized operations
Factories in Texas, California and Florida are part of its US localization strategy, while its Vietnam plant is operating at full capacity. A Thailand production base is expected to begin operations in 2026.
The company also plans to acquire US brand distributor Champion Motorsports for $15 million to further expand its North American sales channels.
Tao Motor reported 2025 revenue of 3.94 billion yuan, up 32.4% from a year earlier, while net profit attributable to shareholders rose 89.3% to 816 million yuan.
The company expects full-year net profit for 2025 to reach between 800 million yuan and 850 million yuan.
