E3 Mobility Signs MOU with KB Bank Indonesia to Support Green Motorcycle Ecosystem

KB Bank, the Indonesian subsidiary of KB Kookmin Bank, has stepped up to provide financial support for the development of an electric motorcycle ecosystem in Indonesia. On May 14, KB Bank signed a memorandum of understanding (MOU) with local E3 Mobility subsidiary PT Etiga Mobility Indonesia, PT DMS, LG Energy Solution, and K-won Electronics. As part of the first phase, KB Bank will provide approximately KRW 42.8 billion (IDR 5 trillion) in financial support, with plans to gradually expand its support in future phases. This MOU aligns with the Indonesian government's policy to promote the adoption of 13 million electric two-wheelers by 2030, while also strengthening industrial cooperation between Korea and Indonesia through the CKD (completely knocked down) production method. Notably, it marks the first large-scale financial model introduced into Indonesia’s electric vehicle industry.

E3 Mobility entered the Indonesian market in 2022 through a multilateral agreement with state-owned electricity company PLN, Grab, Telkom (Indonesia’s state-owned telecommunications firm), and Hyundai Kefico. In October of the same year, E3 Mobility launched a pilot project in Bali featuring its DEUX 7 electric motorcycle and BSS battery-swapping system. In 2023, the company began building a distribution network starting in the Bali region and, by the end of 2024, established a local subsidiary and completed construction of a contract manufacturing plant in Jakarta with an annual production capacity of 20,000 units.

During the MOU signing ceremony on the 14th, KB Bank stated, “Through financial support for eco-friendly industry transition and the establishment of a sustainable energy foundation, we aim to present a new model for industrial cooperation between Korea and Indonesia.”

With this MOU, E3 Mobility is expected to gain further momentum in building a nationwide electric motorcycle ecosystem in Indonesia, while also accelerating its expansion into other Southeast Asian markets, including Vietnam and Thailand.