MCE signs MOU with China's Chongqing Beidou for JV to develop electric, hydrogen motorcycles

MCE signs MOU with China's Chongqing Beidou for JV to develop electric, hydrogen motorcycles
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KUALA LUMPUR (Sept 20): MCE Holdings Bhd's wholly-owned subsidiary MCE Ventures Sdn Bhd (MVSB) has signed a memorandum of understanding (MOU) with China’s Chongqing Beidou Jiean Neo-Energy Technology Ltd (BDJA) to establish a joint venture (JV) for the electric vehicle business.

Through the MOU, the parties would act as a centre for research, dissemination and incubator to facilitate and accelerate the local usage and product development capabilities for electrical and hydrogen motorcycles, it told the stock exchange.

They would also design, develop, manufacture and assemble two-wheeler electric motorcycles and other forms of e-mobility, battery-pack systems and complete solutions for the electric motorcycle charging station, among others. 

The one-year MOU will enable the company through MVSB to expand and widen its product range by participating in a JV company to design, develop, manufacture and assemble the products.

MCE said the MOU would not have any material effect on the issued and paid-up capital, net assets, and earnings of the company for the financial year ending July 31, 2022, and added that it was not subject to the approval of shareholders and any regulatory authority.

Based in Chongqing, China, BDJA is a technological company specialised in providing total solutions for new energy technology and its application for various industries.

MVSB is an investment holding company with affiliate companies that specialise in automotive parts.