Myvelo Co., Ltd. is a company specialized in production of electric bicycle and electric wheelchair.
Myvelo Co., Ltd. has carried out the rent and sales of electric bicycle as a main business since its establishment in February 2015 in Jeju. Since 2017, the company had interested in the development of electric wheelchair for the elderly and the disabled, and completed developing its own model of electric wheelchair for the first time in 2018 after a year and half of research and development.
We established manufacturing and production line (approximately 1,000 pyeong of manufacturing plant building) in Yulchon Free Trade Zone in Suncheon, Jeollanam-do in October 2018 with the aim of producing and selling electric bicycle and electric wheelchair made in Korea. Now we have the infrastructure available to produce 20,000 electric bicycles and 10,000 electric wheelchairs (annual) per year as of 2019.
In regard with electric bicycle, the European Union imposed anti-dumping tariff of up to 83.6% on electric bicycle made in China from July 2018 and the price of electric bicycle made in China has been decreased. On the other hand, it is a good business opportunity for Korea to secure global market shares through electric bicycles made in Korea due to FTA (Free Trade Agreement) (0% of tariff) for Korea-Europe and Korea-North America.
In regard with electric wheelchair, it is expected that the silver mobility market will be expanded and increased due to the consideration for the socially disadvantaged, welfare policies and aging society. Myvelo Co., Ltd. will be active in the global market with both the pride and responsibility of electric bicycle and electric wheelchair.
NO ANTI-DUMPING TARIFF FREE INTO EU
FTA is an agreement aimed at allowing free flow of goods and services for mutual trade promotion between specified countries. With Korea-US FTA and Korea-EU agreement, the tax-barrier of the US and EU against Korean products be lifted, which leads to the price competitiveness of Korean export. Since tariffs be taken away, Korean products have more prices are competitive and why our customers are chasing our product lineup, which are evolved by our R&D system.
By the regulations in the red box, electric bicycles produced by our company are free from tariffs under the EU-Korea FTA agreement.
The market sizecontinue to
expand in Korea and abroad
Electric bicycles are expected to grow annually to $10,000 million as of 2019 (about $110 trillion market, source: Navigant Research). In particular, the related market is expected to grow very year with the environmental factors such as the traffic share ratio of at least 20% in Europe (40% ↑in Netherlands) and 20% in Japan.
Electric wheelchairs are expanding its market as silver mobility products in aging society & silver society.
Possesses technology development
capability at the company level
Secure product technical skills on motor, which is a core part, through continuous technology development (Secure the company’s own technology to improve the performance of motor). Secure finished vehicle with find control function and high completion by using the company’s own technology. Secure skilled professional mechanics (technician of electric bicycle). Consists of professional technicians with a minimum career of 5-10 years. Able to improve the performances at the right time and solve the problems on the defects.
Design and design infrastructure
for market trends
Able to release and sell the products according to the market trends through company’s own workforce and partner companies (Korea and abroad) and outsourcing.
Differentiated from other competitive
products, the only product
Operating production line in three factory buildings (total 3,300 ㎡/ about 1,000 pyeong).
Located in bonded area (Free Trade Zone), securing competitiveness for import and export. Increased preferences on products made in Korea and possesses company’s own A/S infrastructure. Made in Korea products can be exported with aero tariff (0% of tariff) due to FTA. Able to have price competitiveness in terms of global competitiveness with products made in China. Secure reliability with high quality products, and have proud that we are the only company that can take responsibility for post management as producer and manufacturer, not a simple distributor