Entry into the EV Business Through a Capital and Business Alliance with FOMM
First written in FY2022-Q1. 7 of 10 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2025.
0 other companies' latest entry also says "Dropped".
- FY2025DroppedAnnual report
「The Company resolved to withdraw from the EV business because it needs to place greater focus on the AIDC (AI data center) and AI game fields to contribute to improving its future performance.」
The Company explicitly resolved to withdraw from the EV business based on the capital and business alliance with FOMM in order to focus on the AI business, and the existing EV business plan was withdrawn. - FY2024-Q1SoftenedAnnual report
「Although we began manufacturing and selling EVs through a contract with FOMM in the previous fiscal year, a significant gap arose between the original plan and actual results. The Group has taken this fact seriously and is reviewing its business plan in order to put the business on a sound footing.」
Although EV manufacturing and sales through the alliance with FOMM have begun, the significant gap between the initial plan and actual results has led to a review of the existing business plan. - FY2023AdvancedAnnual report
「EV production began in July 2022 and sales began in September. However, although the business had only just commenced, production and sales volumes remained low relative to the plan due to delays in procuring parts, delays and cancellations of shipments, and defects in parts, adhesive materials and other items, and the plan was not achieved (sales for the current consolidated fiscal year: ¥43 million).」
FOMM ONE production began in July 2022 and sales began in September, generating annual sales of ¥43 million, but the plan was not achieved due to problems with parts procurement, shipping and parts and other items. - FY2023-Q3AdvancedAnnual report
「In August 2021, as part of related businesses integrating 5G and AI technologies, we entered the EV business through a capital and business alliance with FOMM, began full-scale manufacturing of “FOMM ONE” in July 2022, and began sales in September 2022.」
The EV business based on the capital and business alliance with FOMM has progressed from the start of full-scale FOMM ONE production to the launch of sales in September 2022. - FY2023-Q2AdvancedAnnual report
「Quantum FOMM Limited, a group subsidiary, exhibited “FOMM ONE” at the EV exhibition “FUTURE MOBILITY ASIA,” held in Thailand from 20 to 22 July 2022, and began accepting orders.」
The EV business through the alliance with FOMM has progressed beyond the start of manufacturing in Thailand to exhibiting at EV trade shows and beginning to accept orders for FOMM ONE. - FY2023-Q1AdvancedAnnual report
「On 29 March 2022, we entered into an outsourced EV manufacturing agreement with FOMM in Thailand and began manufacturing “FOMM ONE” in April 2022. Although delays in transportation caused by China’s COVID-19 control measures delayed the procurement of some parts, a trial vehicle (prototype) was completed in late June 2022. Full-scale production began in July 2022, and we plan to sell “FOMM ONE” in Thailand as each vehicle is completed.」
The EV business based on the alliance with FOMM has progressed to the signing of an outsourced manufacturing agreement in Thailand, the start of production in April, completion of a prototype vehicle, and plans for full-scale production and domestic sales in Thailand. - FY2022AdvancedAnnual report
「The FOMM ONE ordered by the Group has been manufactured in Thailand since April 2022, and the Group will sell the vehicles in Thailand as they are completed. Subsequently, the Group aims to expand its sales channels and sell the vehicles in countries outside Thailand.」
Following the alliance with FOMM and establishment of the Hong Kong joint venture, the plans have become more concrete through the outsourcing order for FOMM ONE production, manufacturing in Thailand from April 2022, sales in Thailand and expansion into other countries. - FY2022-Q3AdvancedAnnual report
「During the second quarter of the current consolidated fiscal year, the Group decided to enter the electric vehicle (EV) business and established a joint venture in Hong Kong, Quantum FOMM Limited, together with its partner FOMM. During the third quarter of the current consolidated fiscal year, the Group considered and investigated issues facing the EV business with the aim of making it a core new business of the Group.」
Following the alliance with FOMM and the establishment of the Hong Kong joint venture, the Group is considering and investigating business issues to make the EV business a core new business. - FY2022-Q2AdvancedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Company entered into a capital and business alliance with株式会社FOMM, an electric vehicle (EV) manufacturer, established a joint venture in Hong Kong with FOMM, Quantum FOMM Limited, and made it a consolidated subsidiary.」
The capital and business alliance with FOMM and entry into the EV business have progressed from the previous resolution and planning stage to implementation of the alliance and the establishment and consolidation of a Hong Kong joint venture. - FY2022-Q1First statedAnnual report
「At a meeting of the Board of Directors held on 12 July 2021, the Company resolved to enter into a capital and business alliance with FOMM, as described below, and commence a new business, subject to approval of the issuance terms by FOMM's Board of Directors. The alliance relates to the electric vehicle (EV) business. For the time being, the Company will strengthen production and sales capabilities in China. Issuance of new shares through a third-party allotment: 1,000,000 shares (maximum) Total (approximate amount): ¥1,002 million (4) Share payment date: 31 August 2021 (5) Business commencement date: 1 October 2021 (scheduled)」
As a material subsequent event, the Company resolved at a meeting of the Board of Directors held on 12 July 2021 to enter into a capital and business alliance with FOMM and commence an EV business. Initial cooperation will focus on strengthening production and sales capabilities in China. The number of shares to be acquired is capped at 1 million, the approximate amount including the investment and advisory fees is ¥1,002 million, the share payment date is 31 August 2021, and the business commencement date is scheduled for 1 October 2021. The transaction is subject to approval of the issuance terms by FOMM's Board of Directors.