Quantum Solutions starts production of electric vehicles in Thailand as it targets sales to large Thai companies

HONG KONG,July 19,2022 --Quantum Solutions (Quantum),an electric vehicle (EV) developer listed on the Tokyo Stock Exchange,announced that it has started production of its FOMM ONE EV model in Thailand in an important milestone for Quantum's transition to providing affordable and reliable mobility solutions.

The production run of FOMM ONE cars,which is one of the world's smallest four-seater EV models and utilizes patented technology invented by Japanese auto engineers,began in July in Thailand,re-affirming its commitment to the country's transition to a net carbon-zero society by targeting sales locally.

Simon Zhang,Quantum's chief executive who manages the company's overseas platform,said,"Thailand plays a pivotal role in auto manufacturing in Asia and the potential for its domestic EV market cannot be overlooked,which is why we are excited that Thailand is a part of our global strategy."

Many car makers already have manufacturing facilities in Thailand,which makes it a regional hub for the auto industry. In addition,several major Japanese automakers have research and development facilities in Thailand that can serve as a springboard for the country's transition away from transportation based on internal-combustion engines.

The Thai government plans to increase the number of registered EVs to 1.2 million units around 2030,which is more than six times the number of registered EVs in 2020,a report said,which highlights the huge potential for growth.

In 2021 the FOMM ONE accounted for 7% of Thailand's EV market,showing that Quantum already has a very strong base which it can use to capture even more market share.

In addition,Quantum furthers its commitment to Thailand by attending Future Mobility Asia 2022,a conference that will be hosted by Thailand's Ministry of Energy in Bangkok on July 20-22 to address the challenges posed by the global transition to new-energy vehicles.

Quantum looks forward to meeting its current customers,which include large Thai companies,as well as meeting new customers at the conference,Zhang also said.

In January Quantum acquired the rights to produce and sell the FOMM ONE from its joint-venture partner FOMM Co.,Ltd. (FOMM) in some regions,including China. FOMM ONE utilizes patented technology invented by engineers who were involved in EV development at Japan's Araco Co.,Ltd. (currently Toyota Auto Body Co.,Ltd.) and is also approved in Japan.

In addition to working with FOMM,Quantum is also actively seeking to work with original equipment manufacturers in China to expand its global footprint.

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. and Araco Co.,Ltd.