An agreement for KLSE listed EP Manufacturing (EPMB) to supply electric motorcycles (e-bikes) for Malaysia’s ASEAN neighbours, Indonesia and Vietnam. The agreement between EPMB, Singapore-based Averte Global and Blueshark Group from Hong Kong calls for 23,000 e-bikes to be delivered from the first quarter of 2023 with Averte and Blueshark being joint-venture partners and purchasers.
The agreement is in effect for a five-year period and EPMB subsidiary EP Blueshark is expected to supply an estimated 2 million e-bikes to its partners. Pricing for the e-bike is expected to range between USD 1,850 (RM8,094) and USD 3,900 (RM17,064).
EPMB will produce the e-bikes at its upcoming manufacturing facility in Shah Alam, Selangor. EPMB partner Averte has signed a memorandum of understanding (MoU) with Viettel Post, a subsidiary of Vietnam Telecom, for the supply of 20,000 e-bikes for sale to corporate and individual customer, while a preliminary agreement has been signed with PT Marco Indokarya, a subsidiary of state owned PT Sarinah, for the procurement of 2 million e-bikes for Indonesia over a five-year period.