LED car module manufacturer Lastertech announced its consolidated revenue in May 2016 soared 59.76% month-on-month (MOM), or 71.36% year-on-year (YoY) to NT $ 353 million (US $10.90 million), reported UDN.

The company’s consolidated revenue in May 2016 was up 11.58% to NT $1.25 billion, mainly due to the launch of new automotive lighting products in May this year, which resulted in significant revenue growth. Manufacturers also benefited from car brands trending energy efficiency, security, intelligent cars, and aesthetics demands. This resulted in main clients Great Wall Motors, Shanghai Koito Automotive, Guangzhou Koito Automotive and others soaring demands for Lastertech LED car modules.

Additionally, Lastertech announced innovative LED car modules resulted in increased market penetration of interior car lights, rear lights, Daylight Running Lamps (DRL), headlights and other products. The company also worked on co-developing LED car modules with its clients to develop new products, and expand its orders to create new operation growth momentum.

Lastertech benefited from Chinese government’s policies to halve new car sales taxes, which boosted the sales of smaller vehicles or those with lower retail prices. Chinese car manufacturers delivered stellar sales performance, where Great Wall Motors stated mid-sized SUV car models Harvard H7 orders surpassed 8,000 in May 2016, and the company is optimistic about future new car sales.

Lastertech is cautiously optimistic about the outlook for second half of 2016, where from June to August is the typical low season for the automotive industry. However, the biggest Chinese SUV model supplier Great Wall Motors is equipping all of its car models with LED automotive lighting. This is expected to benefit China’s largest LED automotive lighting manufacturer Shanghai Koito (Tier 2). As more Chinese car brand joint ventures with Japanese, European and American manufacturers release car purchase discounts to stimulate sales, the company is expected to deliver a solid performance during third quarter 2016.