KUALA LUMPUR (Dec 28): EP Manufacturing Bhd has entered into an exclusive distributor agreement with Hubei Dongfeng Power Auto Trade Co Ltd and Xiamen Tsingyan Hylong Motor Technology Co Ltd to assemble and sell Lingbox electric vehicles (EVs) in Malaysia and Indonesia.
The agreement is for a period of five years, from Jan 1, 2023 to Dec 31, 2027, EP Manufacturing stated in a filing on Wednesday (Dec 28).
In addition to assembling and selling Lingbox auto products, EP Manufacturing’s subsidiary EP 4Wheeler Sdn Bhd has also been granted the right to assemble completely knocked-down (CKD) and semi-knocked-down (SKD) Lingbox vehicles as well as conducting independent upgrades or adaptive improvements to the products.
The agreement would allow the group to take its first step in its four-wheeler EV strategic journey, it said.
“By collaborating with [Hubei Dongfeng and Xiamen Tsingyan], EPMB (EP Manufacturing Bhd) will be able to gain experience in the selling and servicing of four-wheeler EVs and build up the skill sets required in the Malaysia and Indonesia market sector,” said EP Manufacturing.
“This is also an opportunity to offer more affordable four-wheeler EVs to the Malaysia and Indonesia market.”
At market close on Wednesday, EP Manufacturing’s share price increased 3.5 sen or 3.74% to 97 sen. Its market capitalisation stood at RM213.67 million.
