EP Manufacturing gets JPJ nod for two-wheel EVs - MIDA | Malaysian Investment Development Authority
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EP Manufacturing gets JPJ nod for two-wheel EVs

EP Manufacturing gets JPJ nod for two-wheel EVs

05 Sep 2022

EP Manufacturing Bhd (EPMB) has secured the green light from the government to register and license its first-ever two-wheel electric vehicles (EVs), about a month after it received conditional approval for the construction of its maiden manufacturing plant for the two-wheelers.

The Road Transport Department’s (JPJ)  National Committee for Vehicle Type Approval (VTA) and Homologation granted the VTA for EPMB’s Blueshark SG3000DT (Blueshark R1) model, the group said.

The VTA approval allows Blueshark R1 to be road registered and licensed by JPJ, EPMB said in a filing with Bursa Malaysia on Monday (Sept 5).

The auto parts maker first announced its venture into the manufacturing and distribution of two-wheeled EVs for Malaysia and other Southeast Asian markets in March, after signing an agreement with CIS Pride Silver Rock Fund (CIS) and China-based Sharkgulf Technologies Group Ltd to undertake the business.

CIS, incorporated in the Cayman Islands, is an investment fund managed by Silver Rock Capital Ltd, Realchamp Asset Management Ltd and The Pride Group Ltd. It is the main funder for the new venture.

EPMB executive chairman Hamidon Abdullah, in a statement on Monday, said the group is one step closer to capturing the projected demand for two-wheel EVs in Malaysia, following the VTA approval.

“Simultaneously, our partners in other Asean countries such as Indonesia, Singapore, Thailand and Vietnam have also applied the equivalent VTA for Blueshark R1 in their respective countries, and this will complement EPMB’s manufacturing activities.

“Our venture into the two-wheel EV business is well supported by the technical know-how of Sharkgulf Technologies. This is in conjunction with a strong funding base from international investors who are focused on ESG. This should set us on a sustained growth path, moving ahead,” he said.

In addition to the manufacturing plant and a sales and distribution centre in Malaysia, Hamidon said EPMB will also establish a research and development (R&D) centre, which will share technical know-how and resources to Sharkgulf’s Gigafactory in Qingdao West Coast New Area.

He said a manufacturing base with shared R&D efforts in Malaysia would address cost structures to make EPMB’s two-wheeled EVs cost effective.

On July 25, EP Blueshark received conditional approval from the Ministry of International Trade and Industry on its application for assembly of electric bikes under the Industrial Co-ordination Act 1975. This was subject to conditions to be fulfilled by EP Blueshark within six months from the letter of approval.

With the conditional approval, EP Blueshark is on track to establish a manufacturing plant and sales and distribution centre to assemble, manufacture and distribute the Blueshark-branded two-wheel EVs in Malaysia.

Eventually, the company will export the assembled products into other Southeast-Asian countries where demand for two-wheelers is booming.

The two-wheelers are powered by a new-generation portable and swappable lithium-ion batteries, making the bikes more compact and efficient. Within seconds, users will be able to swap the used batteries for fully-charged batteries at the “swap stations”.

These “swap stations” can be positioned anywhere accessible such as convenience stores, fuel stations and parking lots. The batteries can also be charged at home, using dedicated charging docks.

EPMB’s share finished two sen or 1.85% lower at RM1.06 on Monday, bringing the automotive parts manufacturer a market capitalisation of RM209.4 million.

Source: The Edge Markets