Metalmaker Miyoshi partners Chinese automaker to develop 5-door electric car

CATALIST-LISTED manufacturer Miyoshi Limited announced on Apr 2 that its unit, Core Power (Fujian) New Energy Automobile, has joined forces with Jiangxi Changhe Automotive Co to jointly develop a new, all-electric vehicle.

Core Power and Jiangxi Changhe - itself a subsidiary of the Beijing Automotive Group - will develop a new five-door, four-seater all-electric passenger vehicle. The partnership encompasses development of the car's design, chassis, interior layout, platform, batteries, electric motor and electric control unit.

The agreement is not expected to have any material impact on the group's results for the current financial year ended Aug 31, 2018, Miyoshi said.

Miyoshi, which counts metal manufacturing capabilities among its many specialities, acquired a 15 per cent equity interest in Core Power back on Aug 24, 2016, through which it manufactures and sells electric cars in various parts of China, according to its website.

The counter closed on Monday unchanged at 7.1 Singapore cents apiece.