SYDNEY, AUSTRALIA: Vmoto Limited, a global electric vehicle company, has announced that it has signed a non-binding Memorandum of Understanding (MOU) with Ni Hsin EV Tech, a subsidiary of Malaysia-listed Ni Hsin Group, to form a strategic alliance to assemble, market and distribute Vmoto’s electric motorcycle models in Malaysia.
The MOU covers Vmoto’s F01, CPX Pro and TC Max models, which will be sold through various distribution channels in Malaysia, including B2C, B2B and B2G. The MOU also envisages a 111 structure, subject to sales milestones, to assemble the electric motorcycles in Malaysia.
The MOU reflects Vmoto’s intention to tap into the growing Malaysian electric motorcycle market, which is supported by government policies and incentives. Malaysia is the 12th largest internal combustion engine two-wheeler market in the world, but electric motorcycles only account for 1.7% of the registered motorcycles, which represents a huge opportunity for Vmoto.
Vmoto and Ni Hsin EV have agreed to negotiate in good faith and finalise definitive agreements for formalising the strategic alliance as soon as practicable.