SINGAPORE - Electric motorcycle maker EuroSports Technologies has teamed up with SMRT-owned Strides Transportation to develop, market and supply smart electric motorbikes.
In an announcement to the Singapore Exchange on Monday (April 19), EuroSports Technologies said the two local companies have signed a memorandum of understanding which will see Strides appointed as the sole distributor of commercial electric motorcycles in Singapore and the Asia-Pacific region.
This range of two- and three-wheelers will be separate from EuroSports' Scorpio brand of premium electric motorbikes. They will be targeted for food delivery and logistics applications.
EuroSports Technologies - part of listed sportscar distributor EuroSports Global - will be rolling out the new range of commercial motorbikes by the fourth quarter of this year - ahead of the Scorpio's 2022 production.
Like the Scorpio, these motorcycles will be equipped with smart features such as over-the-air software updates, connectivity to the Internet of Things and in-house charging systems. But they will have lower performance, fewer premium features and a substantially lower price tag.
Formed in 2016, Strides provides limousine and premium bus services in Singapore, and car leasing and limousine services in Myanmar.
EuroSports chief executive Melvin Goh described the non-binding MOU as a "momentous milestone".
He added: "As the creator of Scorpio Electric, the first Singapore home-grown high-performance smart electric motorcycle, we are proud to fly our flag high in the international scene with Strides.
"The collaboration will broaden the scope of our reach to tap the unfulfilled potential of regional electric vehicle markets."
SMRT Road Holdings president Tan Kian Heong said: "This collaboration is part of our plans to build businesses in the electric vehicle ecosystem towards a greener Singapore and South-east Asia region."
The SMRT subsidiary has been exploring more sustainable transport modes. Three years ago, it announced that it would add Toyota hydrogen fuel cell cars to its fleet.
Mr Tan said Strides will work closely with EuroSports "to make this partnership a fruitful venture".
Global sales of electric vehicles are accelerating on the back of more stringent emission standards around the world.
According to a study by business consultancy McKinsey in October 2020, the market for electric two and three-wheelers was valued at around US$97 billion (S$129 billion) - or 4 per cent of global auto sales. By 2022, this could reach US$150 billion, with the biggest growth expected in emerging markets.
The MOU is valid for one year up to March 31, 2022.
As at end-2020, Eurosports Technologies had raised US$8.5 million in funds. It hopes to raise another US$15 million by end of this year.