South Korea is finally getting its first electric bike courtesy of Samchuly Co. Called the “Greenity” model, the bike was made using the country’s competitiveness in electric batteries, information technology and industrial manufacturing capabilities.

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Vmoto has closed a deal with a local South Korean dealer where they will supply 2,590 scooters by the end of this year, and then 10,017 for 2010. The scooters will be produced at Vmoto’s Nanjing facility in China, its first mass production contract.

To help fund their production of these South Korea bound scooters, Vmoto has likewise secured a $1.5 million facility via the Bank of China. The deal was struck through Vmoto’s wholly-owned Shanghai-based selling agent,Freedomotor Corporation.