EPMB 7773 EP MANUFACTURING BHD wins exclusive rights to assemble, distribute China's mini-EV, LINGBOX
The five-year deal also allows EPMB to use its electric vehicle (EV) brand name.
KUALA LUMPUR: EP Manufacturing Bhd, an automotive parts manufacturer, has secured the exclusive right to assemble and distribute the Lingbao-developed electric cars in the Malaysian and Indonesian markets.
The five-year deal also allows EPMB to use its electric vehicle (EV) brand name.
EPMB's wholly-owned subsidiary, EP 4Wheeler Sdn Bhd, had on 27 December 2022, signed an exclusive distributor agreement with Hubei Dongfeng Power Auto Trade Co Ltd and Xiamen Tsingyan Hylong Motor Technology Co Ltd to assemble and sell the right-hand drive LINGBOX cars.
EPMB is granted the right to distribute the cars under its name or the brand name of LINGBOX Auto or Qingyan Hailong.
This venture is a step in the right direction towards achieving EPMB's carbon credit trading ambition.
EPMB acting chief executive officer Lim Sim Yee said this deal with Hubei Dongfeng and Xiamen Tsingyan further cements EPMB's presence in the EV business.
"Further, the partnership with SAEAN Group to mass-produce A-segment cars and the deal to manufacture Blueshark-branded electric bikes for the Southeast Asian market are also paving the way for the company in the EV business segment.
"With the rising appetite for EVs in Malaysia and Indonesia, EPMB foresees a good response for LINGBOX. We hope to introduce new models to capture a bigger share of the regional EV market. This would create another revenue stream for EPMB," she said in a statement.
The agreement is effective from 1 January 2023, expires on 31 December 2027, and will be automatically renewed for another five years, subject to terms and conditions.
LINGBOX is one of the models under the Lingbao auto brand, owned by China-based Jiangsu Jemmell New Energy Vehicle Co Ltd.
LINGBOX is among the top 10 best-selling mini-sized EVs in China.
It is gaining popularity due to its attractive design and good functionality.
Once commercialised, the cars produced under this venture are expected to be one of the most affordable EVs below RM100,000 in Malaysia.
LINGBOX is designed as an urban electric mobility solution with safety and affordability in mind.
The first LINGBOX car, the Lingbox BOX EV, will hit the market in December 2020.
EPMB's venture into electric cars began following the signing of a memorandum of agreement with California-based SAEAN Group Inc on 17 October 2022 to mass-produce 20,000 electric cars annually for the Southeast-Asian market.
Earlier, EPMB announced its diversification into the manufacturing of electric bikes.
To recap, on 26 September 2022, EPMB's wholly-owned subsidiary, EP Blueshark Sdn Bhd, received a manufacturing license from the Ministry of International Trade and Industry to assemble electric bikes.
EPMB has partnered with China-based Sharkgulf Technologies Group Ltd to assemble, manufacture and distribute the latter's Blueshark-branded two-wheeled EVs in Malaysia and other ASEAN countries.
https://www.nst.com.my/business/2022/12/865268/epmb-wins-exclusive-rights-assemble-distribute-chinas-mini-ev-lingbox
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