[Featured Stock] Cellumed Highlights Domestic Electric Motorcycle Market Expansion... BYD Electric Motorcycle Model Seeks Government Approval Increase

[Asia Economy Reporter Jang Hyowon] Selumed is showing strong performance amid the expansion prospects of the domestic electric two-wheeler market. Selumed is currently pursuing government approval for BYD’s electric two-wheeler model ‘NERVA EXE,’ recently imported into Korea.

As of 9:27 AM on the 20th, Selumed is trading at 5,760 KRW, up 3.97% compared to the previous trading day.

According to the Korea Smart e-Mobility Association on the 19th, the global electric two-wheeler market size reached approximately 740 billion KRW last year, with over 1 million units in operation. Driven by the eco-friendly electrification trend, the global electric two-wheeler market is expected to expand to 1 trillion KRW by 2027, with more than 6 million electric two-wheelers distributed. As of 2021, the domestic electric two-wheeler market size was 53.2 billion KRW, doubling in just two years since 2019.

The government is also accelerating the transition to electric two-wheelers. It plans to convert all internal combustion engine motorcycles to electric two-wheelers by 2030, and currently provides subsidies from the central government, national funds, and local governments for electric two-wheeler purchases.

In particular, with the government recently establishing standards related to electric two-wheeler batteries, the industry expects the growth of the electric two-wheeler market to accelerate further.

Meanwhile, Selumed signed a memorandum of understanding (MOU) earlier this year with BYD, the global number one electric vehicle manufacturer, regarding electric two-wheelers and secondary battery-related businesses. At the end of last year, Selumed imported BYD’s electric two-wheeler NERVA and is conducting detailed performance verification along with its domestically developed Korean model ‘K-MAX.’

Selumed plans to exclusively supply battery solutions with specifications mutually agreed upon with BYD in Korea, and based on this, it is known to manufacture replaceable battery packs domestically to obtain national standard certification.

In December last year, Selumed secured key patented technologies related to the replaceable battery platform business, including replaceable battery station management solutions and cooling technology, which is essential for electric vehicle and electric two-wheeler drive motors.