February 28: Nepal's NK Motors Pvt Ltd has signed an agreement with a Korean company, SDK, to produce electric vehicles (EV) in Province 1. The agreement was signed by representatives of NK Motors Pvt. Ltd and SDK in South Korea.

According to the agreement signed in the presence of TR Dhakal, managing director of NK Motors, an electric vehicle manufacturing industry will be established with an investment of about Rs 3 billion. Tikaram Puri, chairman of NK Motors Pvt Ltd, informed New Business Age that the proposed industry will be established at a suitable location within Province 1. The industry will produce school and college buses and vehicles for private and public purpose.

According to him, a delegation of the Korean company will visit Nepal in March and select a suitable location. He also informed that the target is to send the products to the market within a year.