HONG KONG, April 6, 2022 /PRNewswire/ -- Quantum Solutions (Quantum), the only independent electric vehicle (EV) company listed in Japan, announced that a major shareholder has granted a 400-million-yen loan to begin production of its first EV model with its joint-venture partner.
This is a crucial step towards Quantum solidifying its position in electric vehicles as it begins production, in order to capture commercial opportunities in the Japanese market with a unique product that harnesses Japan's long tradition of auto engineering expertise and takes advantage the already strong market share of micro cars, which are also known as kei cars in Japanese.
FOMM Corporation (FOMM), Quantum's joint-venture partner, will serve as the original equipment manufacturer (OEM) for the FOMM ONE, which is one of the world's smallest four-seat EVs and already has road approval from governments in both Japan and Thailand. The FOMM ONE is also the world's only EV that is designed to float in water, which makes the car suitable for handling flash floods and natural disasters.
Hideo Tsurumaki, chief technology officer at Quantum FOMM, said: "This is an important step for us towards realizing our goal of being a leading producer of affordable kei cars for the use of businesses and individuals. This will also give us the first-mover advantage in this market segment, which has huge growth potential."
Partnering with FOMM is significant, as the company was founded in 2013 by auto engineers who previously developed EVs at Suzuki Motor Corp, and has since been working to design, research and develop FOMM ONE and other EV models and mobility solutions.
The FOMM ONE was developed with the needs of the Japanese market in mind. Over one-thirds of domestic auto sales annually are kei cars. Kei means light in Japanese, a vehicle category in which the FOMM ONE belongs and is in fact one of a small handful of EV's approved in this category.
The FOMM ONE will be sold both to consumers and to organizations that operate fleets of cars used for regular tasks such as security patrols and parcel delivery, offering customers an affordable way to switch over to EVs from internal combustion engine (ICE) cars and reduce dependence on fossil fuels.
The popularity of micro cars in Japan's domestic auto market, combined with the Japanese government's goal that EVs will account for 100% of new passenger vehicle sales by 2035 as part of its goal to go carbon neutral by 2050, means that the FOMM ONE has potential to quickly gain traction and capture a significant portion of the domestic micro EV market, Tsurumaki, also said.
In addition, Quantum and FOMM plan to work with other OEMs to develop additional EV models and mobility solutions, and expand their footprint to select ASEAN, Latin America and other global cities to meet growing demand for EVs.
About Quantum Solutions Limited (2338.T)
Quantum Solutions Co., Ltd. (TSE Standard Section Code No. 2338) is a company headquartered in Kudankita, Chiyoda-ku, Tokyo, with a capital of 2.7 billion yen, mainly engaged in content development and contract development of distribution software.
About FOMM Corporation
FOMM is an R&D and design-oriented mobility company specializing in planning and developing compact mobility using innovative designs and technologies. FOMM has been designated as the OEM for the FOMM ONE EV. The company is based in Kanagawa Prefecture and was established in 2013 by Hideo Tsurumaki, who is a veteran engineer from Suzuki Motor Corp.
About Quantum FOMM Limited
Incorporated in Hong Kong, Quantum FOMM is a subsidiary of Quantum Solutions and a joint venture with FOMM Corporation. The joint venture is designated for EV business of Quantum.
