Yuzhmash will launch production of electric buses for ₴ 23 billion in conjunction with South Korean company Caris

The State Space Agency of Ukraine, the YUZHMASH and the South Korean company Caris signed a Memorandum of Understanding for the production of 5000 electric buses and 7800 charging stations. The agreement outlines the way to the signing of contracts in the amount of 23 billion hryvnias, with production period lasting up to 2023.

The Caris conglomerate is already realising projects for the development of the road infrastructure in Ukraine. “We are very pleased to continue cooperation with Ukraine. The memorandum formalises intentions to expand collaboration with Ukrainian state-owned enterprises in the heavy industry sector”, – says Yu Chol, CEO of Caris.

The parties approved a program of joint actions to localise the production of electric buses and charging stations, exchange of license agreements and technologies, planed for joint participation in exhibitions as well as looking into the opportunities and events to increase production efficiency, and a potential for exporting electric buses to other European and the CIS countries.

“YUZHMASH was for a long time not utilised to the full capacity and was in a difficult economic condition but managed to maintain its efficiency and effectiveness as a machine-building enterprise completely intact. Cooperation with Caris will allow not only to financially improve the enterprise, but also preserve the scientific and technical expertise, reviving large civil engineering sector, which for many years has remained one of the key vectors for the plant’s activities,” – says YUZHMASH CEO Sergii Voyt.

“The space agency is now focused on maximising the expansion of international cooperation and attracting investment in the industry. This will help us to reform at a faster pace the Ukrainian state-owned enterprises, which must be preserved,” – underlines Volodymyr Usov, head of the State Space Agency.

The South Korean Caris Corporation has enterprises located in various countries of the world, including construction and logistics companies, production of innovative materials and components for road construction and traffic safety. Their R&D centre owns patented innovative technologies for the manufacture of polymer and ‘superhard’ materials used in the power industry, industrial electronics and mechanical engineering.

Source: https://yuzhmash.com/en/memorandum-of-understanding-with-caris-company-is-signed/