Daepung EV Auto "From Agricultural Machinery Dealer to Electric Two-Wheeler Developer"

'Interview as Part of the Nationwide Women CEO Management Training'
Business Transition Due to Aging Farmers and Other Reasons

"Our company, which used to sell agricultural machinery, has now become a company developing electric two-wheelers."

Baek Ok-hee, CEO of Daepung EV Auto, is giving an interview at the indoor gymnasium in Jindo-gun, Jeollanam-do on the 11th.

Baek Ok-hee, CEO of Daepung EV Automobile, said, "Sales, which were around 1 billion KRW 10 years ago, are now expected to surpass 20 billion KRW." CEO Baek met with reporters on the 11th at the indoor gymnasium in Jindo-gun, Jeollanam-do, during the '2023 National Women CEO Management Training' organized by the Korea Women Entrepreneurs Association.

Founded in 2011, Daepung EV Automobile initially imported and sold finished agricultural machinery products from other companies. However, as the aging of farmers rapidly progressed and demand for agricultural machinery declined, companies that imported finished products went bankrupt, prompting a business transformation. CEO Baek said, "Sales, which were 1.7 billion KRW in 2013, dropped to 1.3 billion KRW in 2014," adding, "About 20 years ago, many people in rural areas used tillers, but as they aged, they could no longer operate the heavy tillers properly, which made me think we should switch to electric vehicles."

He particularly noted, "Not only internal combustion engine vehicles but also emissions from two-wheel motorcycles are major contributors to fine dust," and explained, "Predicting the infinite development potential of the electric two-wheeler market in line with the times, I registered as the first two-wheeler manufacturer in the Honam region in 2016." In 2018, the company passed the Ministry of Environment's electric two-wheeler supply evaluation test. In 2019, it also received certification from the Foundation of Agricultural Technology Commercialization and Transfer.

Daepung EV Automobile produces electric two-wheelers, three-wheelers, and cargo carriers. Their self-developed agricultural electric carrier models DE202-AW and DE202-AB are equipped with a 'differential lock device' that helps the vehicle get unstuck when one wheel spins freely during driving. Agricultural machinery insurance is available, providing coverage for unexpected accidents.

Agricultural power carrier DE202-AW model by Daepung EV Motors. [Photo provided by Daepung EV Motors]

In 2017, the company established an affiliated research institute and obtained 8 domestic patents, 1 European patent, 1 U.S. patent, 5 design applications, and 1 design registration. They operate a 33,000-pyeong (approximately 109,000 square meters) production plant in the Daema Electric Vehicle Industrial Complex in Yeonggwang, Jeollanam-do. This year, they expanded with a second factory for export models. They completed the development of medical electric vehicles tailored to the Southeast Asian market and 5- to 9-seat three-wheeled electric vehicles designed to replace the so-called ‘tuk-tuk.’ Last year, they signed a five-year export contract worth 10 million USD with an electric vehicle company in Nepal.

Sales increased from 9.5 billion KRW in 2020 to 13.5 billion KRW in 2021 and 15.6 billion KRW last year. CEO Baek said, "We expect sales around 20 billion KRW this year. If the effects of successive export contracts fully materialize from next year, sales will increase further," adding, "Although there are many regulations and it is not easy, we will focus on targeting export markets including Southeast Asia."