Leo Motors, Inc., based in Seoul, Korea, has entered into a Memorandum of Understanding (MoU) with Global Electric Motors Car Asia Co., Ltd., based in Thailand. The terms of the MoU include entering into a joint venture for the development of new electric vehicles, undertaking their production, commencing sales to Thailand, and initiating sales to neighboring countries.
The first project is a 3-wheel electric motorcycle for the Thai Police Department. The first prototype is to be ready by next month. In addition to fleet sales, Leo Motors estimates that a minimum of 500 units will be sold during the year.
Leo Motors will provide assistance to GEMA in the construction of the electric vehicles, and will provide production and development expertise. GEMA will establish the joint venture company that will manage the project, maintain exclusive rights to selling the vehicles in Thailand, and provide Leo with another global sourcing base. Both will work to export the products and expand the profitability of the joint venture.
Leo Motors, Inc. has developed a line of seven different EVs in the last two years. Global Electric Motors Car Asia Co., Ltd. is the largest electric car dealer in Thailand, and an associate company of the Siam Steel Service Center Public Company Limited.