SINGAPORE (Oct 5): Miyoshi, the integrated engineering company which serves the data storage, consumer electronics and automotive industries, is taking steps to expand its light electric vehicle (LEV) business in China.

Miyoshi has signed an MoU with Core Power (Fujian) Electric Co. to invest in JV company Core Power (Fujian) New Energy Automobile Co.

Under the terms of the MOU, Miyoshi has the option to acquire up to 49% of the entire issued share capital of the JV company. Core Power was established in China in 2013 and is a subsidiary of the Core Power Group, located in Puling Automobile Industrial Park, Yongan City, Fujian Province.

Andrew Sin, Miyoshi’s Chief Executive Officer, says, “Over the past one year, our maiden entry into the LEV business has undergone a rapid process of evolution. From building our own brand value through the launch of our proprietary marquee to the development of a dynamic sales team that have since penetrated three provinces in China – namely, Henan, Jiangsu and Shandong, our LEV venture is on the cusp of a critical trajectory to incorporate the production element of the automobile supply chain.”

Miyoshi’s LEV is a compact two or four-seater automotive that runs on rechargeable battery. It can reach up to a maximum speed of 60 km/h over a distance of between 120 and 200 km. Its low running cost of 1 US cent/km (1.4 cents/km) presents itself as an affordable mode of motor transport.

Miyoshi closed 32.1% higher at 7 cents.