Before we delve into the latest development regarding Zotye's electric SUV, let's touch on some background info. China-based Zotye Holding Group produces the battery-powered SUV pictured above. This electric auto supposedly has a range of up to 250 miles (!) and can reach at highway-capable speeds. The vehicle carries a three-year/36,000-mile bumper-to-bumper warranty and – are you ready for this? – its lithium-ion battery pack is warranted for 185,000 miles. Zotye claims that the electric SUV will sticker for $29,995 and promised that it would hit U.S. dealership by the end of 2010. Well, it's now 2011 and you won't find a Zotye electric SUV for sale anywhere in the U.S. Okay. That's the back story.
Moving on, Green Automotive Company (GAC) intends to import the Zotye SUV into the U.S. In fact, GAC will be the sole U.S. distributor of Zotye vehicles. Late last month, GAC signed a 10-year extension with Zotye and announced its joint venture plans. GAC chief operating officer, Ben Rainwater, released this statement detailing terms of the agreement:
Aside from revised pricing, GAC and Zotye have pushed back the electric SUVs U.S. release date to sometime in 2012. We'll let you know if this changes.Green Auto together with Zotye will work to open a final assembly plant in the States under the Joint Venture. Zotye agrees with us: once the assembly line starts producing all-electric SUVs, once they hit the road, we can begin to realize our plan for high-end Green vehicles becoming the norm in the U.S. The Company expects our under $35K attractive all-electric SUV to be the most popular on the road because of its performance, mileage radius, and dealer focus
[Source: Green Automotive Company]
PRESS RELEASE
Green Automotive Signs 10-Year Extension with Zotye as Exclusive US Agency for New All-Electric SUV
Agreement includes Joint Venture for final assembly plant stateside
DALLAS--(BUSINESS WIRE)--Green Automotive Company Corporation (Pink Sheets:GACR) announces signing a 10-year extension to their Exclusive Sole Agency Agreement with China-based Zotye. The detailed agreement includes a joint venture target in 2012 whereas Zotye and Green Auto anticipate opening a plant in the States for final assembly of the all-electric SUV. Mr. Wu Aibing from Zotye will work directly with Green Auto on this project in the U.S.
Green Auto signed the Agreement in Shanghai after a week of talks in China with Zotye, auto industry, and battery industry executives. Dan Elliott, CEO Green Auto, states, "A whirlwind visit to four cities in five days with numerous meetings was quite successful for Green Auto. We have obviously proven our ability to capture market share in the U.S. by landing this huge 10-year extension. We are going to be their sole agent in the States for the next decade. This partnership is significant to Green Auto and Zotye; they are as excited about this as we are. More importantly, it will have a broad effect on job creation both here and in China as the first high quality Chinese vehicles enter the premier U.S. market."
"Green Auto together with Zotye will work to open a final assembly plant in the States under the Joint Venture. Zotye agrees with us: once the assembly line starts producing all-electric SUVs, once they hit the road, we can begin to realize our plan for high-end Green vehicles becoming the norm in the U.S. The Company expects our under $35K attractive all-electric SUV to be the most popular on the road because of its performance, mileage radius, and dealer focus," notes Ben Rainwater, COO Green Automotive.
About Green Automotive Company Corporation
Green Automotive Company is a U.S. public company that is launching all electric and CNG powered passenger vehicles in the North American market in 2011. The Company's shares are traded on the Pink Sheets under the symbol GACR. For more info visit www.usaelectricauto.com or write info@usaelectricauto.com
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