Hong Jun-pyo and Kim Min-gyu Sign Business Agreement
75 Billion Won Invested for Completion in 2025
On the 10th, Daegu City signed an investment agreement (MOU) with Bike Bank (CEO: Kim Min-gyu), one of the leading domestic two-wheeler companies, at the Sangeok Office of Daegu City Hall to build an electric two-wheeler production factory in the second phase area of Daegu National Industrial Complex.
Founded in 2019, Bike Bank is the number one company in the domestic two-wheeler rental market share and will invest 75 billion KRW by 2025 to build a new factory on a 58,143㎡ site in the second phase area of Daegu National Industrial Complex.
Bike Bank plans to establish a factory to secure a production base for electric two-wheelers by introducing technology from Taiwan’s Gogoro, the global number one company in electric two-wheelers.
Bike Bank quickly achieved industry leadership by supplying two-wheeler rental products reflecting the demands of delivery riders in the rapidly growing delivery market. To respond to the upcoming eco-friendly mobility era, in March 2022, it signed an exclusive domestic supply and technology transfer contract for product development with Taiwan’s Gogoro, a specialized electric two-wheeler manufacturer.
Based on this, Bike Bank plans to start producing various models of electric two-wheelers with high performance and reliability guaranteed by global company technology through this investment, and will also directly produce and supply charging infrastructure such as battery packs and charging stations domestically.
Daegu City has selected future mobility as one of its five major future new industries and is promoting focused development. In particular, regarding electric two-wheelers, it is implementing various corporate support policies such as technology development and demonstration evaluation support through the ‘Drive Electronic Components Verification Center,’ providing subsidies for electric two-wheeler purchases, and expanding charging infrastructure.
Kim Min-gyu, CEO of Bike Bank, said, “Daegu is focusing on fostering the future mobility industry as a future new industry, and has a well-established production base for electric mobility and an industry-academia cooperation ecosystem.” He added, “Through this investment, we will build a direct production line and maximize business operation efficiency from product development to production and shipment.”
Mayor Hong Joon-pyo said, “Daegu City has secured competitiveness in the electric two-wheeler sector, with companies located in Daegu producing more than 20% of domestic electric two-wheeler models.” He added, “We will spare no administrative and policy support so that Bike Bank can grow into a representative electric two-wheeler company not only in Daegu but also in the Republic of Korea.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
