KR Motors Becomes Largest Shareholder of Electric Vehicle Specialist 'Green Mobility'

[Asia Economy Reporter Hyunseok Yoo] KR Motors, a domestic two-wheeler manufacturing specialist, announced on the 8th that it has become the largest shareholder and gained management control by acquiring shares in Green Mobility, an electric vehicle research, development, and production company.

Green Mobility was established in 2012. In December 2016, it was designated as the first domestic company to participate in the Ministry of Environment's electric two-wheeler subsidy program. The company possesses differentiated design technology in the electric mobility field, vehicle design and analysis technology, IoT·ICT convergence, web·app-based social platforms, and vehicle management software capabilities. It holds 28 intellectual property rights, including 6 patents. According to the company, its technological capabilities are highly regarded in the electric two-wheeler, electric three-wheeler, ultra-compact four-wheeler, and autonomous delivery vehicle industries. It is a promising company with shareholders and investors including DGIST (Daegu Gyeongbuk Institute of Science and Technology), Samsung Venture Investment, POSCO Technology Investment, and the Small and Medium Business Corporation.

KR Motors offers a diverse lineup of internal combustion engine two-wheelers ranging from 50cc to 850cc. Designated as a national project participant for electric two-wheeler development in 2009, it was the first in Korea to mass-produce electric two-wheelers and supply them to government offices and local governments. It has secured over 1,100 distribution channels nationwide as well as overseas clients in Europe, the United States, Southeast Asia, and South America.

Oh Seung-ho, CEO of Green Mobility and the former largest shareholder, stated, "Top domestic electric two-wheeler sellers simply import Chinese-made products and distribute them under domestic brands, resulting in insufficient technological capabilities. Through this share acquisition, we have secured financial stability and will fully utilize accumulated technology and patents to accelerate new product development." He added, "The expansion of sales and service networks, which was Green Mobility's biggest weakness, has been resolved at once, making 2021 a year of significant growth."

A company official explained, "With the acquisition of Green Mobility, ranked 4th in the industry with 12 electric two-wheeler model lineups, we have secured diverse competitiveness in the future mobility industry. The existing internal combustion engine motorcycle business will focus on domestic and international sales through a Chinese joint venture, while Korea's KR Motors will concentrate on future mobility business including R&D, production, and domestic and overseas sales of electric vehicles (two-wheelers, three-wheelers, ultra-compact four-wheelers, etc.)."