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GSS Energy, electric vehicle manufacturer GPCC Korea in JV to set up I-Motor Asia brand
CATALIST-LISTED oil and precision engineering group GSS Energy announced on Tuesday that it has entered into a joint venture (JV) agreement with low speed electric vehicle manufacturer GPCC Korea to establish the I-Motor Asia brand for South-east Asian markets, India and Taiwan.
This will see I-Motor Asia tapping GSS Energy subsidiary Giken Sakata (S) Limited's precision engineering facilities in the manufacturing and assembling of both petrol and electric scooter models in the 125cc and 150cc categories, and three-wheelers or "tuk-tuks".
The marque will also introduce a range of high-performance electric vehicles under the ISO brand, which is owned by Ferruccio Lamborghini - grandson of the founder of the Lamborghini Group - through a master licence agreement between Mr Lamborghini and GPCC Korea in early 2018.
I-Motor Asia will launch the distribution of its electric scooters and "tuk-tuks" through its partner, the Stallions Group in Thailand and the H.Dream Group in Vietnam by end 2018.
The JV partners are also in discussions with interested parties in the Philippines, Cambodia, Taiwan, Malaysia, Indonesia and India for the distributorship and sale of these vehicles.
Said Brian Park, co-chief executive officer of I-Motor Asia: “We are excited with the JV with GSS Energy’s Giken Precision Engineering Division, whose facilities and highly skilled staff will be able to offer the build-up of high end and environmentally friendly mobility vehicles that are increasingly making inroads in the Asian market for personal use and for light goods transport."
GSS Energy shares traded up S$0.001 or 0.8 per cent at S$0.131 before the midday break on the Singapore bourse.