[Asia Economy Reporter Hyungsoo Park] CAMMSYS is showing strong performance. CAMMSYS's subsidiary, Sebo Mobility, has signed a Memorandum of Understanding (MOU) with China's CRRC (China Railway Rolling Stock Corporation) Automotive Group to jointly promote the development of commercial electric vehicles, which appears to have influenced the stock price.
As of 10:38 AM on the 5th, CAMMSYS is trading at 2,800 KRW, up 17.4% from the previous day.
The CRRC Group is a Chinese state-owned enterprise solely supplying high-speed trains within China and is the world's number one company in the railway sector, owning 46 subsidiaries and affiliates. It also possesses automotive production technology. The CRRC Automotive Group subsidiary directly carrying out the project with Sebo Mobility, 'Weifang Ruichi Vehicle System Co., Ltd. (Libei),' specializes in producing commercial vehicles such as electric buses, large trucks, and special-purpose vehicles. It also manufactures passenger electric vehicles.
Based on the agreement, the two companies plan to cooperate in developing small commercial electric vehicles in the 0.5t and 0.8t classes. Sebo Mobility will share its know-how in the small electric vehicle sector, while Libei will establish the production line. The two companies will further discuss detailed cooperation matters, including production collaboration for Sebo Mobility's two-seater ultra-small electric vehicle 'SeboC,' and will sign a formal contract.
This agreement proceeded as the needs of both companies aligned. Sebo Mobility plans to consolidate its expertise accumulated in the ultra-small electric vehicle and mobility industries to establish a presence in the commercial electric vehicle market. From CRRC's perspective, it aims to enhance competitiveness by introducing trucks under 1 ton in the domestic small commercial vehicle market, which currently focuses on large trucks or three-wheelers.
Once the vehicles are developed and launched, both companies plan to sell them domestically and explore markets in Southeast Asia, Europe, and beyond. Park Young-tae, CEO of Sebo Mobility, said, "If Sebo Mobility, which possesses electric vehicle design and manufacturing technology, collaborates with CRRC Group, which has systems and know-how related to electric commercial vehicles such as electric trains and electric buses, it will become a successful case that creates a significant impact in the electric vehicle industry."
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