GSS Energy has, in the past, pointed out that its precision engineering (PE) business could one day be spun off for a separate listing while its budding oil business stays within GSS Energy.

Stock price 

13.2 c

52-week range

13-19 c

PE (ttm)

24

Market cap

S$66 m

Shares outstanding

496 m

Dividend yield (ttm)

--

1-yr return

-13% 

That prospect becomes more compelling with the PE business set to embark on a new venture: Wholly-owned subsidiary Giken Sakata has entered into a JV with GPCC Korea to establish I-Motor Asia.

GPCC Korea is a leading manufacturer of electric two-wheelers, three-wheelers and four-wheel low speed electric vehicles.

Under this JV, I-Motor Asia will be working with Giken’s precision engineering facilities in the manufacturing and assembling of both gasoline and electric models in the 125cc and 150cc categories and three-wheelers (“tuk-tuk”) in South East Asia markets, India and Taiwan.



lambo9.18Ferruccio Lamborghini, right, with the Iso Motor Ferruccio Lamborghini, an electric scooter co-developed by GPCC Korea. Photo: GPCC Korea.I-Motor Asia will launch the distribution of its electric scooters and tuk-tuks through its partner, the Stallions Group in Thailand and the H.Dream Group in Vietnam by end 2018.

The JV is also in active discussions with interested parties in Philippines, Cambodia, Taiwan, Malaysia, Indonesia and India for the distributorship and sale of these vehicles.

Commenting on the JV with GPCC Korea, Mr. Brian Park, Co-CEO of I-Motor Asia, said: “We are excited with the JV with GSS Energy’s Giken Precision Engineering Division, whose facilities and highly skilled staff will be able to offer the build-up of high end and environmentally friendly mobility vehicles that are increasingly making in-roads in the Asian market for personal and use for light goods transport.

"We are confident our Lamborghini branded vehicles will be highly sought after with the growing consumer interest in this form of travel”.

350 SydneyYeung 10.14GSS Energy CEO SydneyYeung.
NextInsight file photo.
“The upcoming launch of I-Motor’s electric vehicles in Thailand and Vietnam is very timely for the expansion plans by Giken and GPCC Korea.


"Our two companies are confident of the trend towards personal vehicle transport in these countries which are becoming more environmentally-friendly, thereby lowering the cost of movement of people and light goods, and believe our range of branded vehicles will serve this segment of light transportation.

"For Giken, in addition to the timely opportunities to expand and add value to precision engineering products, we will also be taking part in the supply and distribution chain in this wider integrated ASEAN Economic Community, Taiwan and India”.

-- Sydney Yeung, CEO of GSS Energy Group



I-Motor Asia will introduce its high-performance electric vehicles under the ISO brand owned by Mr. Ferruccio Lamborghini, and in line with the Master License Agreement entered between GPCC and Mr. Ferruccio Lamborghini earlier this year.

Mr. Lamborghini is the grandson of the founder of the Lamborghini Group, and was a professional motorcycle racer and an Italian Moto 2 Champion before joining the family business and entering the electric vehicle industry.

The electric scooters are a revival of the iconic ISOMOTO model, which was hugely popular in Italy in the 1950s. As a tribute to Mr. Lamborghini, I-Motor Asia will also name the model with the highest specification – ISOMOTO-FERRUCCIO LAMBORGHINI Edition.

This is in line with the spirit of the iconic ISOMOTO model which is a premium racing-type scooter, which will be introduced into a growing Asian market through I-Motor Asia, its distribution partners and local JVs in the region.

On the upcoming launch of ISOMOTO model, Mr. Lamborghini commented, “I take great pride in contributing to the development in one of the first racing-type and performance driven electric scooters in South East Asia."


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