[THE INVESTOR] Daedong Industrial Co., a major agricultural machinery manufacturers here, on Sept. 27 said it plans to develop a 1-ton electric light commercial vehicle by 2019.

The manufacturer will head a consortium of nine local firms and organizations -- including Renault Samsung Motors, LG Electronics and Pohang University of Science and Technology -- to develop an electric-powered truck that runs 250 kilometers on a single charge and reaches a maximum speed of 120 kilometers.

A total of 24.7 billion won (US$22.52 million) will be poured into the project, with 14.7 billion won funded by the state and 10 billion won by private investments.

Daedong plans to produce the prototype vehicle by next year and complete the development by 2019.

“We have successfully developed an electric tractor and an electric utility vehicle for the first time in Korea in the past,” Ha Chang-wook, CEO of Daedong Industrial Company said.

“By teaming up with the country’s best EV research organizations, we will obtain technology and establish a production system to manufacture various type of EVs.”

By Ahn Sung-mi (sahn@heraldcorp.com)