ENPlus China Affiliate Prepares to Expand Electric Truck Production... 'Full-Scale Export to Europe'

[Asia Economy Reporter Hyungsoo Park] ENPlus announced on the 17th that its affiliate, Gangso Pungjeon New Energy Power Technology, will begin full-scale exports of electric vehicle (EV) trucks to Europe. ENPlus invested 7 billion KRW in Gangso Pungjeon New Energy Power Technology, located in Wuxi, Jiangsu Province, China, in February last year.

Gangso Pungjeon New Energy Power Technology is a manufacturer of EV logistics vehicles for e-commerce and courier logistics companies. It has 32 dealerships in major overseas markets including Europe and North America. In the fourth quarter of last year, it introduced its first EV model, the "0.8-ton WOLV EPO ONE light electric truck." It exported to more than 10 countries including Germany, Belgium, Poland, as well as the UK, Italy, the Netherlands, and France. The entire first shipment was sold, and it secured orders for 500 units. It plans to export 3,000 units by the end of this year.

To prepare for the increase in export volume, it is promoting expansion and the establishment of an EV assembly plant. In November last year, it attracted investment from the Chinese government-affiliated Jiangyin Binjiang Chengyuan Investment Group and is currently constructing its own electric vehicle and battery pack factory in China with an annual capacity of 20,000 units. It is also promoting the establishment of local EV assembly plants by forming joint ventures (JVs) with overseas subsidiaries and local partners, focusing on major countries such as Europe, North America, and Korea.

An ENPlus official stated, "Gangso Pungjeon New Energy Power Technology established a European branch in Nuremberg, Germany, to activate local sales and strengthen A/S capabilities," adding, "Marketing activities will also be intensified through expanding sales channels and opening experience centers."

He continued, "Gangso Pungjeon New Energy Power Technology will establish a joint venture with a Korean partner to produce 1.5-ton and 2.5-ton light EV trucks in Korea," explaining, "They plan to export these Korean-made products to the United States, and vehicle design and prototype production are already underway." The product is expected to be launched in the first half of this year.

The official added, "The goal is to establish Plant 1 in Korea to export completed EV vehicles to the United States," and "Plant 2 will be established locally in the U.S. to assemble completed vehicles from SKD kits imported from Korea and sell them locally."

ENPlus decided yesterday to issue convertible bonds worth 20 billion KRW. About 5 billion KRW of the raised funds will be used as facility capital related to graphene new materials, focusing on the development of heat dissipation materials for secondary batteries.

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