SK Group invests $40 m in Micro Holding electric cars
View(s):One of South Korea’s leading conglomerates, SK Group – a Fortune 500 Global Company – recently announced an equity investment amounting to US$30 million-$40 million in Sri Lanka’s Micro Holdings (Pvt) Ltd.
Exchanging the partnership agreement.
SK Group Senior Vice President C.H. Lee said his company was very much interested in investing in Micro Holdings to revolutionise the Sri Lankan automobile and transport industry.
“SK Group facilitates Micro to expand its production facilities, its industry-related clusters and new projects the firm is investing in,” he told a media conference in Colombo recently.
He said this is the first time that they are investing in the South Asian region. “We have seen the rapid technological progress of Micro Cars in Sri Lanka and decided to invest with them.”
This company, one of the largest EV battery manufacturers in the world, plans to bring in new technology to Sri Lanka through Micro Cars and diversify its automobile product portfolio focusing in E Mobility which is the future of the automobile/ transport industry.
Micro Holdings has joined hands with SK Group to make electric cars in Sri Lanka in a joint venture with an investment of $30 million this year and a further $20 million in the next two years, company officials said.
Micro will be manufacturing Sri Lanka’s first electric car with Korean assistance, as the SK Group is keen to produce electric cars in the island, Micro Holdings Chairman Dr. Lawrence Perera said.
A prototype of the electric car was unveiled in January this year, he said, adding that the first electric car could roll out from Micro’s Kurunegala vehicle assembly plant by early next year.
Dr. Perera noted that the initial plans are to export electric vehicles within the South Asian region, where they already have a market presence in Pakistan, Bangladesh and Nepal.
Micro Cars Ltd is one of the pioneers in the local automobile industry with 20 years of experience, facing many market adversities and challenges over the years.
Today the company employs over 900 people and strives to empower Sri Lankan youth with a gender equality, whilst bringing the latest technology and pride to the nation, he said.