TAIPEI (Taiwan News) – Taiwanese motorcycle company Sanyang Motor Co. (SYM, 三陽工業) inked a memorandum of understanding (MOU) with state-owned oil refiner CPC Corp. to solidify joint development of electric scooters on Dec. 18.
SYM will design and manufacture electric scooters using battery technology developed by CPC Corp, and CPC will be responsible for the battery charging and replacement network.
The MOU was signed by CPC Corp. Chairman Tai Chein (戴謙) and SYM Chairman Wu Ching-yuan (吳清源) during an event in Taipei.
The partnership was first announced at the Milan Motorcycle Show in Italy on Nov. 6. At that time, Wu said the partnership will cater to market trends, and suggested the move will cause the least disruption to motorists, who are familiar with the location of CPC stations across Taiwan.
Wu went on to say that estimated the cost of developing an independent charging network is approximately NT$10 billion (US$330 million), and suggested it made most financial sense for the company to focus on their core business of motorcycle production, reported CNA.
The agreement will lead to cooperation in the design of fast-charging batteries, use of SYM’s international market knowledge to align their design to international systems, and for SYM to test and refine CPC Corp.’s design, according to a statement by CPC Corp.
The state-owned oil refiner added that they hope the partnership will accelerate Taiwan’s green energy transformation.
SYM is expected to launch the company’s first electric scooter range by the end of next year.