ITOXI (CEO Bong-gyu Jeon) announced on the 10th through a public disclosure that it signed an export contract with Ukraine's Spec-Com-Service (hereinafter SKS Group) for a total of 400 Musso Grand pickup trucks (worth approximately KRW 12.5 billion) from KG Mobility and received a PO and deposit for the first shipment of 150 units (worth approximately KRW 4.7 billion).
Since the second half of last year, iToxi has been participating in pickup truck bids for Ukrainian public institutions together with the local SKS Group. Recently, in a pickup truck bid for the Ukrainian National Police Agency, it won a contract to supply KG Mobility’s Musso Grand, beating out the strong competitor, the French Peugeot pickup truck Landrac.
This export volume is 400 units in total, and will be shipped in two batches. The first batch of 150 units (worth approximately KRW 4.7 billion) is scheduled to be shipped at the end of March at the urgent request of the Ukrainian National Police Agency.
SKS Group has under its wing the number one manufacturer of special purpose vehicles in Ukraine, 'Polyca', boiler manufacturer 'Koteka', and industrial tool manufacturer 'Livius'. In particular, 'Polyca' is number one in the manufacturing and sales of special purpose vehicles for construction and cargo transport, and manufactures and supplies special purpose vehicles for public purposes such as fire trucks, ambulances, garbage trucks, and tankers to major public institutions such as the National Police Agency, Fire Department, and local governments.
Currently, Ukraine has seen a surge in demand for 4-wheel pickup trucks for post-war recovery as anticipation for the end of the war grows. In particular, in war-torn areas, roads are severely damaged, making it difficult for regular passenger cars and cargo trucks to pass, so pickup trucks have been designated as a key means of transportation for major public institutions.
Since establishing a local joint venture in November 2023, iToxi has continued to make progress in the reconstruction project in Ukraine. With the Trump administration pushing for an end to the war in Ukraine and Russia, it is expected that the reconstruction project that iToxi has been preparing will begin to bear fruit, starting with this contract.
The company said that in addition to this National Police Agency bid, it is currently participating in large-scale pickup truck bids for the U.S. Embassy and major public institutions together with the SKS Group, and is expecting to receive additional orders of approximately 3,000 units (approximately KRW 100 billion) per year.
ITOXY CEO Jeon Bong-gyu said, “As the armistice negotiations have recently taken place, the results of ITOXY’s company-wide reconstruction project in Ukraine are starting to come out,” adding, “In addition to this KGM pickup truck export contract, we shipped our first Korean cosmetics for export to Ukraine’s largest H&B store ‘EVA’ (Ukrainian version of Olive Young) on the 24th of last month, and the joint investment project for Ukraine’s only plate glass factory BFG is also going smoothly.”
Meanwhile, Itoxi is expected to establish itself as a leading company in post-war reconstruction projects, recording its first performance in post-war reconstruction projects among listed companies classified as Ukrainian reconstruction stocks.
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