Masta Electric looks to support SME owners

Masta Him (Masta Electric Vehicle)

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.

By Kan Hyeong-woo(hwkan@heraldcorp.com)