KR Motors Signs Electric Two-Wheeler Supply Contract with Thailand's PAP Smart Energy

KR Motors announced on the 26th that it held a signing ceremony for an export contract of the electric two-wheeler e-lution, independently developed domestically, with PAP Smart Energy, a Thai electric two-wheeler manufacturing company.

The signing ceremony took place the day before at The Emerald Hotel in Bangkok, Thailand, with executives including the CEOs of both companies in attendance.

The contract between KR Motors and PAP Smart Energy involves supplying 150 complete e-lution vehicles and 1,000 units in CKD (Complete Knock Down) form starting from the second half of this year. This is a large-scale export contract with plans to continuously increase supply volume. It is significant in that the battery-swappable electric two-wheeler, developed purely with domestic technology, has received great response in Thailand, opening a new sales channel.

PAP Smart Energy is a local Thai company jointly established by Somchai, chairman of the PAP GAS ONE Group in Thailand, Tuwawit, CEO of Vista One, and Ko Youngjong, CEO of Korea’s KPH. They have hoped to form an active partnership with KR Motors to dominate the electric two-wheeler market in Thailand and are currently recruiting dealerships that will serve as bases for a new local factory, sales, and service activities.

The Thai government is striving to increase the share of electric vehicles in the country to 50% by 2050 to achieve carbon neutrality. KR Motors, which possesses differentiated design technology and vehicle management software capabilities in the electric mobility sector, is expected to help PAP Smart Energy secure competitiveness. This will lead to a win-win relationship and enable them to capture the expanding electric vehicle market. Furthermore, they plan to expand sales beyond Thailand to global markets such as Southeast Asia and Europe.

A KR Motors representative stated, “This supply contract is another achievement of KR Motors, which has made bold investments and efforts for a successful transformation into an e-mobility company.” They added, “We will continue to actively target overseas markets and become a market leader that leads the entire e-mobility ecosystem, thereby enhancing corporate and shareholder value.”