M&M ordered Leo’s Hilless 1, Hilless 3 and Hilless 5 models which will be delivered by June 2010, for total revenues of 4.2 billion Korean Won (approximately $ 3.73 million USD) Leo has received a down payment of 3 billion Korean Won (about $ 2.66 million USD). Leo Motors is engaged in the development, manufacture and marketing of electric vehicles (EV’s and EV components).
This represents the first mass purchase order to Leo Motors, which has until now been a development stage company, since its inception.
"This is a turning point for Leo Motors," Robert Kang, CEO of leo Motors said in a statement. "With this order in our home country of Korea, we have turned the corner and become a fully operating revenue generating company. The next step is to begin leveraging our success here and use it to enter other great markets of the world including Japan, Europe, and the United States."
Leo Motors has developed electric power for the electrification of many vehicles including scooters, motorcycles, full speed sedans highway buses and trucks. Leo Motors is also developing an on-board generator using a refuelable zinc air fuel cell.