Miyoshi ups stake in electric vehicle maker

MAINBOARD-listed Miyoshi Precision Ltd is raising its stake in light electric vehicle (LEV) maker Green Galaxy from 5.13 per cent to 55 per cent in a bid to diversify into a higher-margin business. Its S$3 million investment comprises 32 million new shares worth S$2 million issued to joint venture partner Promise New Energy Development Ltd of Hong Kong, and S$1 million in cash to be used as capital.

Green Galaxy is based in Hong Kong with a factory and showroom in China's Jiangxi province. It manufactures three models of light electric vehicle or LEV, which usually have a shorter range. One of them, the Green Galaxy Nebula, was presented by Miyoshi yesterday in Jurong.

The supermini-sized Nebula with its 10 kW lithium-ion battery has a maximum range of 120 km. Launched in China last month, it sells for S$12,000 there.