Myungshin and Emble Sign MOU to Supply Ituk Ituk to Southeast Asian Market

[Asia Economy Reporter Minji Lee] Myungshin and mobility blockchain company MBL announced on the 25th that they have signed an MOU for the design and development of the E-TukTuk.

The TukTuk is a three-wheeled internal combustion vehicle widely used in Southeast Asia, serving as a national means of transportation growing at a rate of over 10% annually. Compared to Korea, Southeast Asia has narrower roads and insufficient infrastructure, resulting in a much higher frequency of TukTuk usage than cars.

Through this MOU, the two companies plan to develop and distribute existing TukTuks into small electric vehicles (E-TukTuk). Starting with an initial batch of 100 units in December 2020, they plan to sell 10,000 units in Cambodia in 2021.

Myungshin will supply the E-PT and battery packs used in the E-TukTuk, as well as the entire vehicle. The Gunsan factory research center owned by Myungshin was formerly a Korea GM plant, which Myungshin acquired in 2019 for electric vehicle production purposes.

MBL, which operates the ride-hailing app TADA in Southeast Asia, plans to actively utilize the TADA network to handle the production and sales of the E-TukTuk. MBL has secured approximately 80,000 drivers and 600,000 users in Southeast Asia.

Woo Kyung-sik, CEO of MBL, said, “Through this MOU, we can completely change the landscape of the Southeast Asian mobility market,” adding, “We plan to successfully supply the E-TukTuk to local drivers and also utilize it for delivery services.”

Lee Tae-gyu, CEO of Myungshin, explained, “We look forward to the synergy between the two companies that will bring innovation to the Southeast Asian mobility industry.”

This content was produced with the assistance of AI translation services.