[Featured Stock] Cellumed Rises on Government Approval Push for Electric Two-Wheelers with Replaceable Batteries

[Asia Economy Reporter Jang Hyowon] Selumed is showing strong performance amid news that it is preparing to launch electric two-wheelers equipped with replaceable batteries, aiming for government approval next year. The government plans to replace all internal combustion engine delivery two-wheelers with 100% electric two-wheelers by 2025.

As of 10:58 AM on the 20th, Selumed is trading at 5,500 KRW, up 270 KRW (5.16%) from the previous trading day.

On this day, Selumed announced that it will conduct detailed performance verification of replaceable and auxiliary batteries on the global No.1 electric vehicle BYD’s ‘NERVA EXE’ and Selumed’s own Korean model ‘K-MAX’.

The government and local governments plan to replace internal combustion engine delivery two-wheelers with electric two-wheelers and also plan to provide subsidies. Seoul City intends to replace 1,000 public phone booths with electric motorcycle charging stations by 2025. The Ministry of Trade, Industry and Energy plans to invest government funds in a battery exchange station demonstration project, and the Ministry and the National Institute of Technology and Standards are promoting the establishment of national standards for batteries to expedite the transition to electric two-wheelers.

According to Selumed, electric two-wheelers equipped with replaceable batteries can reduce charging time and related costs such as fuel, consumables, and insurance fees. Additionally, by renting batteries, which account for 30-40% of the price of electric vehicles, the purchase cost of electric vehicles can be reduced.

Meanwhile, Selumed is reportedly negotiating exclusive rights with global battery suppliers.