KUALA LUMPUR (Sept 8): Cookware maker Ni Hsin Group Bhd (KL:NIHSIN) said it is seeking to diversify its electric vehicle (EV) business beyond electric motorcycles.

In a bourse filing on Tuesday, the group said it has been involved in the electric motorcycle business, including assembly and distribution, since 2021 through its subsidiary Ni Hsin EV Tech Sdn Bhd. Its EV portfolio includes the EBIXON TORQ, BOLD and KRUZ models, as well as the TC Max and CPX models.

It currently operates an EV assembly facility in Seri Kembangan, near Kuala Lumpur, where it assembles motorcycles using semi-knocked down and completely knocked down components supplied by its business partners.

Ni Hsin plans to expand its EV business through partnerships, product diversification, contract manufacturing and original equipment manufacturer assembly, while broadening its customer base and market reach.

The group also plans to expand beyond electric motorcycles targeted at urban commuters and into other EV segments, including electric off-road motorcycles.

It is also seeking to grow its customer base to include corporate, fleet and institutional customers, while expanding its marketing and distribution network.

For the financial year ended June 30, 2026, Ni Hsin's EV business generated revenue of about RM1.43 million as it recorded a loss after tax of about RM1.43 million.

Shareholders will vote on the proposed diversification at an extraordinary general meeting to be convened. M&A Securities Holdings Bhd has been appointed as the principal adviser for the proposal.

Shares of Ni Hsin settled half a sen or 1.7% lower at 29 sen on Tuesday, giving the group a market capitalisation of RM181.3 million.