Selex Motors Plans to Extend Battery-Swapping Network to Southeast Asia
Vietnamese electric vehicle (EV) manufacturer, Selex Motors, has launched a battery-swapping network in multiple cities across Vietnam. The company aims to accelerate the adoption of electric mobility in Vietnam and expand into the Southeast Asian market to drive sustainable transportation practices and reduce carbon emissions.
Selex Motors has supplied EVs to logistics companies such as Lazada, Viettel Post, and DHL, and is now pursuing international expansion opportunities. Supported by the Asian Development Bank, Selex Motors ensures that their EVs are priced below $1,000 and customers are not required to make upfront payments for the batteries. Instead, a sophisticated automated locker system allows users to conveniently exchange depleted batteries for fully charged ones.
Schneider Electric Energy Access Asia, ADB Ventures, and Touchstone Partners are among the investors who have collectively injected $5.5 million into Selex Motors. The company is expanding its reach to individual consumers and promoting its patented battery technology, which is compatible with approximately 70% of the electric motorcycles available in the market. Selex Motors aims to achieve breakeven within a 3-year timeframe and expand into the Indonesian and Thai markets within two years.