On September 20, EL EVATA and EL B&T signed a memorandum of understanding (MOU) with Folofly Inc. in Japan to develop and supply 2-ton EV trucks and 350kg-payload EV light cargo vehicles.

The MOU originated from Folofly's proposition to collaborate with EL EVATA and EL B&T, both possessing their own respective battery and electric vehicle development technology. Due to unforeseen technical challenges and manufacturing conditions, Folofly required a new partner. Notwithstanding, Folofly had collaborated with another South Korean enterprise to provide Japan's logistics transportation with electric trucks the previous year. In the MOU, Folofly will handle sales in Japan and abroad, while EL EVATA and EL B&T will be responsible for development and manufacturing.

Following the latest trend, SBS Holdings, a major Japanese logistics firm, is replacing its courier vehicles with electric ones to achieve a decarbonized society by reducing emissions. The company plans to introduce 10,000 electric vehicles, including those for its suppliers. Folofly is responsible for providing EVs to SBS Holdings' couriers. Additionally, Folofly is ramping up sales in Japan with the goal of supplying approximately 20,000 commercial EVs in the coming years. 

EL EVATA and EL B&T, which will supply EVs to Japan with Folofly through this MOU, are international corporations. They manufacture batteries at their subsidiaries in Turkiye and Germany, and produce batteries and EVs at their joint ventures in the Kingdom of Saudi Arabia and India. 

Young-il Kim, CEO of EL EVATA and EL B&T, stated, "Folofly puts emphasis on developing low-cost EVs, which would be possible through utilizng our batteries made specifically for EVs. Although the MOU only addresses the manufacture of EVs for trucks and light cargo, Hiroyasu Koma, CEO of Folofly, and I concur to actively encourage the production of small (A-segment) passenger EVs as well." He expressed his ambition to supply more competitive batteries and EVs not only to the Japanese market but also on a global scale as soon as possible