Asian Tech Press (SEP 28) -- Japan's ITOCHU Corporation has announced that it will launch a commercial electric vehicle (EV) leasing business in Japan and Southeast Asia in cooperation with DST Car, a Chinese start-up.

The business is mainly aimed at logistics companies, introducing pure electric trucks and operation management services. The transportation sector is responsible for significant greenhouse gas emissions, and ITOCHU will seize the demand for electrification that is expected to expand in the future.

DST Car runs a leasing business in China for purely electric logistics trucks and small vans, etc. It is the largest company in the industry, operating 40,000 pure electric vehicles covering about 200 cities in China. The company also provides charging equipment and vehicle management systems to logistics companies, as well as advice on power procurement.

ITOCHU invested in DST Car in 2018 to launch a partnership for expanding its business within China. The two parties have signed a new strategic cooperation agreement to jointly conduct business as DST Car moves beyond China. The selection and validation of partner companies in Japan and Singapore have already begun, and the service will be expanded to ASEAN countries by the mid-2020s to establish a mechanism for introducing commercial pure electric vehicles in cooperation with logistics, electric power, and companies promoting charging pads, etc.

ITOCHU has been engaged in the automotive and parts trading business in Japan and abroad and will fully use its experience in the pure electric vehicle business.