On March 12th, President Masatsugu Asakawa, accompanied by a delegation, visited Selex Motors‘ electric motorcycle assembly line factory in Yen Vien, Gia Lam, Hanoi.
During the reception, Selex Motors’ CEO, Mr. Nguyen Huu Phuoc Nguyen, presented the delegation with an overview of the company’s development process, production line, and the advanced technology powering the Selex Motors electric motorcycle ecosystem.
The special visit by the ADB President to Selex Motors demonstrates the confidence of reputable organizations in the region and worldwide regarding the clean energy transition trend for businesses in Vietnam.
This isn’t the first time that the Selex Motors electric vehicle startup has attracted the attention of foreign leaders. In July 2023, Selex Motors was the only company visited by the US Secretary of the Treasury during his working trip to Vietnam. In September 2023, the Director of the International Development Finance Corporation (DFC) experienced the Selex electric motorcycle ecosystem.
Currently, Selex Motors is also the first and only electric motorcycle startup in Southeast Asia to receive investment from the Asian Development Bank through the ADB Ventures investment fund.
The reason Selex Motors has attracted investment funds and garnered attention from reputable organizations and individuals worldwide is that it’s a pioneering startup in a challenging yet crucial field. Selex has successfully mastered technology, supply chains, and has significant potential for development.
Despite being founded in 2018, the company has independently developed a comprehensive, innovative electric motorcycle ecosystem. It has addressed the inconvenience of energy charging through a network of battery swapping stations – the new generation petrol stations for electric vehicles. The company has conducted its own research and development on the core technology of electric vehicles, with 10 registered patents.
Selex Motors has also proactively prioritized the development of a domestic supply chain, with over 80% of components being produced domestically. This is highly valued by foreign partners, especially in the context of Vietnam being expected to become a crucial link in the new global supply chain, particularly in the clean energy sector.
Furthermore, the company’s products and ecosystem hold significant value in environmental, economic, and social protection. Selex Motors’ products and services are offered at very affordable prices, making them accessible to all, especially to groups with low incomes who rely heavily on transportation, such as ride-hailing drivers. According to a study by UNDP, Selex Motors’ solutions help these drivers increase their average income by 34% while significantly reducing carbon emissions. Currently, Selex Motors’ products have been widely embraced by major technology companies such as Grab, Gojek, Lazada, ShopeeFood, and others.
During the working session, ADB President Masatsugu Asakawa expressed his impressive recognition of the achievements that Selex Motors has accomplished and proudly stated that ADB is one of the company’s first investors. The development of companies like Selex Motors holds significant importance for Vietnam’s and the region’s transition to clean energy and sustainable development. In the future, ADB will continue to commit to accompanying Vietnam and providing extensive support in the green transition field.
Reflecting on the event, Mr. Nguyen Huu Phuoc Nguyen, CEO of Selex Motors, remarked: “The special visit by ADB President to Selex Motors is a great honor for the company. This visit will open up many development opportunities for the green development sector in Vietnam as a whole and for Selex specifically. Vietnam is facing a once-in-a-lifetime opportunity to transition to sustainable development, with high added value, and to join the group of developed countries. I hope that we can seize this rare opportunity, and Selex Motors will exert all efforts to contribute a small part to the overall success of the nation.“
