Jeonnam e-Mobility’s Export Route to Nepal: Expansion into Overseas Markets

- USD 10 million export contract for Daepoong EV Motors, a Daema General Industrial Complex resident company

[Head of the New Growth Industry Division, Min Il-gi 286-3910, Future Automotive Team Leader Kim Hyung-ho 2086-3950]

(Attach a representative photo of a KoreanNepalese company)

Jeollanam-do announced that Daepoong EV Motors Co., Ltd., a representative e-mobility company in the region, has signed an export contract worth USD 10 million with a Nepalese electric vehicle company (NEPAL KOREAN E. VEHICLE COMPANY).

Daepoong EV Motors Co., Ltd. is a representative e-mobility company specializing in manufacturing multipurpose electric transport vehicles and three-wheeled electric vehicles for agricultural purposes located in the Daema General Industrial Complex in Yeonggwang.

Through this contract, Daepoong EV Motors will export e-mobility products worth USD 10 million (approximately KRW 12.8 billion) to Nepal for five years. By April 2023, a total of 201 units, including 100 three-wheeled electric vehicles, 50 multipurpose electric transport vehicles, and 51 two-wheeled electric vehicles, will be exported as the initial quantities, followed by exports of the contracted quantities for five years.

Nepal has recently declared that it will be carbon neutral by 2045. As an agricultural country with two-thirds of its population engaged in agriculture, demand for e-mobilities, such as electric transport vehicles for agriculture produced in Jeonnam, is expected to increase steadily.

In particular, this export contract is expected to serve as an opportunity to bring warmth to e-mobility exports that have been frozen due to the COVID-19 pandemic and positively impact the advancement of e-mobility companies in the province to overseas markets.

Min Il-gi, head of the New Growth Industry Division of Jeollanam-do, stated, “Expanding the size of the domestic and international market for the growth of the e-mobility industry in the province is very important. We will support them to quickly preoccupy overseas markets such as Southeast Asia, which is emerging as a blue ocean for eco-friendly cars.”

Since 2019, Jeollanam-do has established and is promoting an e-mobility dissemination policy. Efforts are constantly made to expand the domestic e-mobility market by implementing projects to create e-mobility demand, such as additional subsidies for purchasing micro-electric vehicles and two-wheeled electric vehicles produced in the province and subsidizing the purchase of electric transport vehicles for agricultural purposes produced in the province.