Micro partners Korea’s SK Group to make electric cars here | Daily News

Micro partners Korea’s SK Group to make electric cars here

Micro Holdings Chairman Dr. Lawrence Perera exchanging the agreement with SK Group Senior Vice President C. H. Lee while officals look on after inking the partnership. Picture by Vipula Amarasinghe
Micro Holdings Chairman Dr. Lawrence Perera exchanging the agreement with SK Group Senior Vice President C. H. Lee while officals look on after inking the partnership. Picture by Vipula Amarasinghe

Micro Car Holdings has tied up with South Korea’s top three largest diversified conglomerates, SK Group to make Sri Lanka’s first electric car.

SK Group, a Fortune 500 company will invest US$ 30 million this year and a further US$ 20 million in the next two years with Micro to manufacture this car in Sri Lanka.

SK Group Senior Vice President C.H. Lee said this is the first time that they are investing in the South Asian region. “We have seen the rapid technological progress of Micro Cars in Sri Lanka and decided to invest with them.”

Lee said that they were also impressed with the geographical location of Sri Lanka where they could manufacture and re-export to neighbouring countries as well.

Micro tied up with the Korean automobile giant Ssangyong in 2008 and began assembling SUVs in Sri Lanka for the first time with a local value addition.

Lee said SK Group is the world’s second largest electric vehicle battery manufacturer and they hope bring this technology to Sri Lanka as well.

Micro Holdings Chairman Dr. Lawrence Perera said they were keen on making a local electric car and the prototype of which was unveiled this January. “We are confident that the first electric car could roll out from our Kurunegala assembly facility by early 2018.”

Perera said that it could travel upto 140 km in one charging cycle which would make it more impressive than some of the imported models that are available in Sri Lanka. “We will also match the imported electric car prices.”

Micro ventured into the overseas market by exporting vehicles into Pakistan, Bangladesh and Nepal in 2011. In 2012 Micro opened Sri Lanka’s largest After Sales Centre to cater the demand of the ever expanding market share. “We will also export this car from mid 2018.”

He said Micro’s future expansions will receive significant financing from SK and they will increase their production facility.

SK Group also known as SK Holdings, is composed of 95 subsidiary and affiliate companies that share the SK brand and culture. SK Holdings is ranked 57th in the 2013 Fortune Global 500. SK Group has more than 70,000 employees who work from 113 offices worldwide.

He said that together with the SK Group, they will also get involved in wireless mobile service sector, public transportation construction and other areas in the future. 


 

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