Oct 22, 2022
Saean Group and EPMB Group are launching into the Southeast Asian market by mass-producing 20,000 electric vehicles annually in Malaysia.
Saean Group, a company specializing in electric vehicles, and EPMB Group, a Malaysian investment holding company, are launching into the Southeast Asian market by mass-producing 20,000 electric vehicles annually in Malaysia.
The two companies announced on the 18th that they had signed a Memorandum of Agreement (MOA) based on these details. According to this MoA, SAEAN will provide technology and design know-how to jointly develop electric vehicles with EPMB. Using Saean's 'WID-U' design, A-class SUV is developed and mass-produced by EPMB.
The two sides also agreed to explore expansion programs to capture export opportunities. EPMB is an investment holding company with subsidiaries such as automobiles and chemicals in Malaysia. EPMB plans to establish close collaboration with SAEAN by supporting mass production, supply, and sales in terms of resources and market information required for the development of this electric vehicle.
Hamidon bin Abdullah, Chairman of EPMB, said, "Through this agreement, we will become one of the first domestic electric car manufacturers in Malaysia. We expect that consumers in the market will be able to own electric vehicles with good prices and high quality.”
Lee Jung-yong, Chairman of Saean Group, said, "According to this agreement, Malaysia can more smoothly plan its exports to the United States, Canada, Korea, Japan and Europe." "The strength and network of EPMB in Malaysia is the It will play an important role.”
Meanwhile, Saean Group and EPMB will visit South Korea by EPMB executives in November to coordinate additional details on the size of their investment, manufacturing location, product price and commercial launch schedule.