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CAKE accelerates ahead of timeline in Asia
25.08.2022: – closes 20MUSD contract for electric motorcycles with premium partner Kolon Automotive for South Korea
”Developing the Asian market on a partner basis, together with premium operators”
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– closes 20MUSD contract for electric motorcycles with premium partner Kolon Automotive for South Korea
”Developing the Asian market on a partner basis, together with premium operators”
CAKE, the Swedish maker of premium lightweight, electric motorcycles, today announced the closing of a significant partnership in South Korea with the premium dealership Kolon Automotive, who just signed a three year contract worth 20MUSD. The partnership relies on Kolon Automotive’s well-established network covering distribution, sales and branding, working with premium and luxury car brands such as Audi, BMW, Rolls-Royce, Volvo and Polestar.
Accelerating ahead of timeline, and following the ongoing expansion in North American and European cities, the closure of the deal marks a clear step in CAKE’s entry on the Asian market. Additional partnerships for other Asian markets will be announced later this year.
“To remain in sync with the market growth and the established aspiration for CAKE in a number of Asian key markets, the chosen partner strategy will enable quick entry and solid development. Kolon is a great example of the competence, culture and market reach needed to secure high quality presence and progress.
With their experience in manufacturing, distribution, sales and branding, working with premium and luxury car brands, in conjunction with their high-end outdoor consumer business, is great evidence of a great match”, says Stefan Ytterborn, founder and CEO of CAKE.
Aside from the CAKE’s direct to user model implemented for Europe and North America, Asia will be developed on a partner basis, together with premium operators.
“CAKE has made a remarkable journey to date, building an amazing brand and demonstrating its ability for innovation and developing unique models over a short period of time, yet delivering the highest design and build quality in the products. With our experience from other premium brands in related areas, Kolon is looking forward to leading CAKE to success in South Korea,” says Kyungjae Min, project leader at Kolon Automotive.
Christian Lundgren, photo Cake
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