Daedong Bets on Affordable Electric Scooters and Limousine Golf Carts

Launch of Affordable 'GS110' in Q2
Lower Price to Compete with Chinese Products
Also Promoting Export of Limousine Golf Carts

Daedong, an agricultural machinery company, is expected to see concrete results this year in the mobility sector, which it is nurturing as a new growth engine. Smart mobility is a field that Daedong has been actively pursuing as a new growth business to become a future agriculture platform company beyond agricultural machinery. As the No. 1 agricultural machinery company in Korea, Daedong, which has recorded over 1 trillion KRW in consolidated sales, set the sales target of its smart mobility subsidiary, Daedong Mobility, at 300 billion KRW for this year. This shows the determination to nearly triple the 110.1 billion KRW recorded in 2022. To this end, it plans to launch new products in the first half of the year to target the market.

On the 23rd, Daedong Mobility announced that it will focus on strengthening its product lineup this year by launching affordable electric scooters and limousine golf carts. The affordable electric scooter ‘GS110,’ to be released in the second quarter, maintains the core functions and components of the GS100, which Daedong first introduced last year, while removing some specifications to lower the price by about 1 million KRW. The GS100 is a battery-swappable electric scooter that could be purchased for 4 to 5 million KRW last year based on subsidies. This year, the actual purchase price will be determined once the Ministry of Environment sets the subsidy amount for electric two-wheelers around the end of February.

Daedong Mobility's Battery Swap Electric Scooter GS100

The launch of the affordable model priced lower than the GS100 is aimed at competing with Chinese-made products that dominate the domestic electric scooter market. Approximately 15,000 electric scooters are sold annually in Korea. The industry estimates that Chinese-made products account for more than 50% of this. Some products assembled domestically with Chinese parts are also considered effectively Chinese-made. Chinese products are priced affordably at around 3 million KRW but have drawbacks such as frequent breakdowns and difficulty in obtaining parts when repairs are needed.

Following the introduction of the GS100 last year, which targeted the delivery rider market and achieved a 92% localization rate by domestic production of all core parts except some consumables, Daedong plans to compete with Chinese products this year with the GS110, which is priced even lower. In particular, with the recent increase in part-time delivery workers among the general public and more consumers seeking electric scooters for commuting, the affordable model is expected to contribute to strengthening market competitiveness. Park Cheon-il, head of the GS Business Division at Daedong Mobility, said, "The GS100 launched last year received a good response in the delivery rider market due to its excellent performance and ease of use. As the domestic electric scooter market gradually expands and competition accelerates, we will secure a definite market advantage through aggressive sales and marketing."

Daedong Mobility will also launch a limousine golf cart in the second quarter. The cart, which previously had two rows, now has an additional front row, allowing up to six passengers. It features voice guidance that enables users to be informed in advance of safety precautions and course information during self-rounding, as well as convenience features such as cup holders that maintain temperature, heated and ventilated seats, and air conditioning. Daedong Mobility plans to focus not only on the domestic golf cart market but also on exports this year. Exports are currently being promoted to Southeast Asia, Japan, and the United States. A Daedong official said, "This year, we will strengthen our corporate brand as a mobility-specialized company and explore potential markets for personal mobility and robots. We expect positive effects in understanding customer needs through B2C business as well."