Kwang Yang Motor Co (光陽工業), which sells electric scooters under the brand Ionex, is to form a joint venture with PTT Public Co to take its electric scooters and battery-swapping services to Thailand later this year, marking more progress in its strategy to expand its electric-vehicle business overseas.
The Kaohsiung-based manufacturer of scooters has been exploring electric-vehicle business opportunities outside Taiwan after forming a partnership in 2020 with Grab Holdings Inc’s two-wheel sharing-service provider, GrabWheels, by supplying electric two-wheelers.
The company has also been trying to make inroads into India for years, but has yet to report any significant progress.
Photo courtesy of Kwang Yang Motor Co
It is not the first time PTT Public has teamed team up with a Taiwanese company to tap into the electric mobility sector.
Thailand’s biggest petroleum company, PTT Public has a joint venture with Hon Hai Precision Industry Co (鴻海精密) to build electric vehicles in Thailand starting next year.
AIONEX CO
PTT’s board of directors on Wednesday approved the proposal from its fully owned subsidiary Arun Plummeted Co to enter a joint venture agreement and create a joint venture — Aionex Co — with Kwang Yang and its subsidiary KYMCO Capital Private Equity Management Co (金庫資本), a document that the Taipei Times obtained showed.
Arun is to hold a 51 percent stake in the joint venture, while Kwang Yang and KYMCO Capital would own 29 percent and 20 percent respectively.
AMBITION
Aionex would have registered capital of not more than 600 million baht (US$16.95 million) and is to start operating by the end of this year.
It is aiming to become the leader in electric two-wheelers in Thailand and ASEAN.
Aionex’s business scope is to include sales and manufacturing of electric scooters, as well as providing battery-swapping services, it said.
The joint venture is subject to approval by regulatory authorities.
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