Caution: Seiyong S1, a Chinese industrial garbage could end up in Malaysia
Eric · Mar 25, 2021 10:21 AM
Ho Wah Genting Berhad (HWGB) and its subsidiary HWGB EV has over the last five days, signed three separate but related Memorandum of Understanding (MoUs) with 3 Chinese parties, all related to the manufacturing and sale of Chinese electric vehicles (EVs) in Malaysia.
But before that, it is important to point out that Ho Wah Genting is not related to the Lim family’s Genting Highlands Resort. The first MoU is with Seiyong Motor, a little-known Chinese electric car maker founded in 2017. The announcement raised quite a few eyebrows because Seiyong is not a typical car company, and we don’t mean it in a good way. More on that later.
The MoU is to study the feasibility of HWGB EV to manufacture (CKD) and distribute Seiyong EV models in Malaysia under a new brand (to be decided). In return, HWGB EV will transfer 20 percent of its shares to Seiyong.
The second MoU is with Xiamen Chief, a Chinese company founded in 2000 to design and manufacture electric buses, golf carts, and short-range electric buggies.
The terms evaluated are similar to the MoU with Seiyong, but the share transfer mulled is at 10 percent.
The third MoU is with Aitou, a Chinese investment company. The MoU is to study the feasibility of Aitou to invest into HWGB EV’s projects, in return for a 5 percent stake in HWGB EV.
All 3 MoUs are valid for 12 months. Note that an MoU is simply a statement of intent, and has no legal binding powers.
The MoUs raised quite a few eyebrows because HWGB is not an automotive company. The company however, is engaged in the manufacturing of electrical cables, as well as providing travel services (it also provides bus services to Genting Highlands resort, hence the name).
Now, about the Seiyong S1. Seiyong Motor is not an electric vehicle manufacturer on the level of Xpeng or Nio – Chinese equivalents to Tesla.
In fact, Seiyong has very little manufacturing expertise and our colleagues in China call it, along with many other little known Chinese EV manufacturers hoping to jump in the EV bandwagon with nothing but amped-up golf carts, as ‘industrial garbage.’
The S1 is not made by Seiyong, but is merely a rebadged EVeasy EV3, and it is rebadged in a literal sense. Look at the photo, even the EVeasy logo on the steering wheel is unchanged. Only the badges on the outside have been changed.
This ‘industrial garbage’ of a car is actually a rebadged EVEasy EV3. Developed by JMCG New Energy Vehicle Co. Ltd. (JMEV), the EVEasy EV3 made its debut at the 2018 Guangzhou Auto Show, before going on sale in March 2019.
When coupled with a 31.9 kWh battery pack, both versions of the EV3 offer a maximum range of 302 km and a top speed of 100 km/h.
In China, the EV3 is priced between CNY 69,800 to CNY 83,800 – right smack in the same price bracket as the Ora R1. At least the Ora R1 has the backing of Great Wall Motor (GWM), a much more established car manufacturer in China.