Masta Electric Vehicle on Tuesday signed a partnership with the Korean federation of small and medium business (SME) groups to support SME owners and expand its presence in the market.

The two sides inked a memorandum of understanding at Masta Electric Vehicle’s exhibition booth at the Seoul Mobility Show held at Kintex in Gyeonggi Province.

Representing some 20 SME groups and their 7 million members nationwide, the SMEs federation bought 400 units of Masta Him, the automaker’s small electric cargo vehicle, through a collective purchase.

“After reviewing different vehicles made by various manufacturers, we figured that Masta Him was a good fit for individual owners of small businesses in terms of economic benefits and the vehicle’s functionality,” said Chung In-dae, president of the SMEs federation.

Although the price of the Masta Him is set at 22.8 million won ($17,400), the Ministry of Environment provides 6 million won in subsidies and local governments offer subsidies ranging between 3 to 7 million won.

“Through the EV subsidy benefits, (buyers) can receive up to a 57 percent discount from the car’s purchasing price depending on the region,” said Chang Eun-seok, CEO of Masta Electric Vehicle.

Masta Him, which can load up to 200 kilograms, is expected to fill in the role of Damas -- a small cargo vehicle that used to be produced by GM Korea from 1991 to 2021 -- for SMEs. As some 380,000 units of Damas were sold in the country over the three decades, the vehicle was given the moniker of the national delivery car.