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.”