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Selex Motors, a Vietnam-based EV startup, has launched a community of battery-swapping stations dubbed battery ATMs in a number of cities throughout Vietnam.
The corporate goals to influence Southeast Asian customers to make the swap from standard gasoline-powered vehicles to EVs by providing a handy and economically viable answer for battery charging.
In response to Asia Nikkei, Selex Motors has already equipped EVs to famend logistics corporations reminiscent of Lazada, Viettel Publish, and DHL, and is now pursuing worldwide enlargement alternatives.
The introduction of those revolutionary ATMs in varied Vietnamese cities marks a major step in the direction of sustainable transportation practices. As an alternative of dishing out money, these stations present absolutely charged EV batteries.
Supported by the Asian Growth Financial institution, Selex Motors ensures that their EVs are priced under $1,000 and clients should not required to make upfront funds for the batteries.
As an alternative, a classy automated locker system permits customers to conveniently alternate depleted batteries for absolutely charged ones.
Nikkei Asia reported that Selex Motors has efficiently catered to the wants of corporations like Lazada, DHL, and different supply service suppliers which have made commitments to scale back their carbon emissions.
Distinguishing itself as a pioneering electrical car producer within the area, and with a powerful give attention to last-mile logistics companies, the startup is now increasing its attain to particular person customers.
It’s selling its patented battery know-how, which is appropriate with roughly 70 per cent of the electrical bikes accessible out there.
Throughout a current interview, CEO of Selex Motors Nguyen Huu Phuoc Nguyen underscored the advantages of the battery swapping infrastructure, notably in mild of world issues surrounding the provision of sources for battery manufacturing.
The system not solely optimises battery lifespan but in addition ensures environment friendly disposal when batteries attain the tip of their life cycle, thus addressing environmental issues.
Crunchbase stories that, at present, Schneider Electrical Power Entry Asia, ADB Ventures, and Touchstone Companions are among the many traders who’ve collectively injected $5.5 million into Selex Motors.
In early 2022, Selex Motors concluded a seed funding spherical value $2.1 million, led by funding agency Touchstone Companions and with the participation of two different traders, ADB Ventures and South Korea’s Nextrans.
Opponents within the Vietnamese electrical bike market, reminiscent of Dat Bike and VinFast, are additionally striving to speed up the adoption of EVs.
Nonetheless, Nikkei Asia famous that not all trade gamers share Selex Motors’ method. Tech giants have employed methods to retain their buyer base by locking customers into their proprietary ecosystems, prompting regulatory intervention.
Within the US, Tesla was urged to open its charging stations to different car manufacturers, whereas in Europe, Apple was mandated to design chargers which can be appropriate with varied cellphone fashions.
When queried about whether or not Selex’s interchangeable batteries may function an incentive for drivers to decide on their EVs over their rivals’, Nguyen emphasised the communal benefits by stating, “That’s the crux of the matter. We purpose for the widespread adoption and utilisation of the battery alternate community as a result of it advantages your complete neighborhood.”
He harbours aspirations of reaching breakeven inside a 3-year timeframe and increasing into the Indonesian and Thai markets inside two years. Each nations boast bigger economies than Vietnam, but in addition current competitors from rivals like Electrum – backed by Gojek.
Though Selex Motors didn’t disclose the variety of electrical bikes offered by the corporate, Vietnam at present boasts an electrical bike fleet exceeding a million models – purportedly the biggest in Southeast Asia.
Along with contending with trade giants reminiscent of Honda and Piaggio within the bike sector, Nguyen acknowledges the urgent race for the sources which can be important for battery manufacturing.
Vietnam is ramping up its efforts to develop uncommon earth components, however China leads by way of each mining and processing these metals. As well as, the world depends closely on Congo’s cobalt and Indonesia’s nickel.
“This might be a long-term subject as a result of it seems that the EV revolution is contingent upon sources and sure minerals, which aren’t available in lots of locations. They’re primarily concentrated in just a few nations, and this may inevitably result in geopolitical issues,” said Nguyen.
Because the competitors within the electrical bike market intensifies, Selex Motors stays dedicated to innovation and addressing environmental issues. By offering inexpensive EVs and establishing a widespread community of battery-swapping stations, the corporate strives to revolutionise transportation practices all through Vietnam and past.
The assist from notable traders, mixed with the corporate’s formidable enlargement plans, place Selex Motors as a key participant within the area’s electrical car panorama.
The profitable adoption of electrical bikes and the proliferation of battery swapping infrastructure may considerably contribute to lowering carbon emissions, enhancing air high quality, and selling sustainable mobility options.
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