EV Technology Group Ltd. (NEO: EVTG) (OTCQB: EVTGF) (EV Technology Group or the Company) is a new company entering the electric vehicle (EV) production race, but with a promisingly different strategy.
Unlike many companies like Rivian Automotive Inc. (NASDAQ: RIVN) that are focused on creating futuristic designs and models, EV Technology Group’s strategy is to electrify already iconic brands.
EV Technology Group draws inspiration from Louis Vuitton CEO Bernard Arnault. Arnault would acquire what he called “sleeping beauty” brands like Christian Dior and catapult them into a new era of success. Arnault’s inspiration has already helped drive proven success for EV Technology Group.
In July, the Company entered a definitive agreement with the shareholders of MOKE International Ltd. to acquire up to 100% of the company and helped introduce the Electric MOKE to the market. Since partnering with MOKE International, EV Technology Group has created the Electric MOKE, showed it at the Cannes Film Festival and most recently distributed it at luxury department store Le Bon Marche Rive Gauche in Paris, and at its flagship retail store named Casa MOKE in Saint-Tropez, France.
Consumers resonate with purchasing a brand they are familiar with. The 1960s-era MOKE vehicle has global recognition from the likes of James Bond movies to countless celebrities and is the perfect demonstration that consumers are interested in the electrification of brands they already know and love.
However, knowing which brands to partner with and acquire does not guarantee continued success in an industry struggling with delivering electric vehicles on time due to global supply chain entanglements such as those caused by the pandemic.
The automotive industry across the board is struggling to deliver the vehicles people are purchasing - problems with components are preventing customers from receiving the vehicles they want, when they expect to receive them.
Between global supply chain shortages and EV companies outsourcing their production to third parties, losses are rampant. For startups that are relying heavily on investors, it can be devastating; analysts expect Rivian to lose more than $6.5 billion this year because of supply chain issues.
This is why EV Technology Group announced in August that it entered into a definitive agreement to acquire leading British Tier 1 supplier and specialist manufacturer Fablink Group Holdings Ltd.
EV Technology Group’s proposed acquisition of Fablink Group should curtail supply chain issues and eliminate product delays. Fablink Group has over 750 highly specialized employees and seven manufacturing sites across the U.K. The company is a leading U.K. manufacturing and engineering organization with a portfolio of strong growth through its exposure to electric vehicle demand.
Once the Fablink Group acquisition is complete, EV Technology Group will own its supply chain and will be able to control the complete process from concept through to manufacturing, engineering and assembly. EV Technology Group will no longer be reliant and potentially at the mercy of multiple third-party companies to complete large parts of the process. As such, it will be able to electrify more brands and increase supply to meet the already existing demand, proven by the partnership with MOKE.
The acquisition plan shows that EV Technology Group’s strategy is scalable and can expand with relative ease compared to competitors that are dependent on a conglomerate of companies to complete their products. Recently, the company also announced an additional definitive agreement to acquire a portfolio of iconic brands, including Ford, Maserati, and Ferrari coach builders, further solidifying their mission to electrify the future of motoring.
EV Technology Group was founded in 2021 with a vision of electrifying iconic brands – and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities.
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This post contains forward-looking statements including, but not limited to: the acquisition of Fablink Group Holdings, MOKE International Ltd and strategy of EV Technology Group. Often, but not always, these forward-looking statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under “Risk Factors” in the filing statement and annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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