Greentech Automotive (GTA), a US automobile company, has acquired EuAuto Technology, a Hong Kong-based company that designs, manufactures and distributes Neighborhood Electric Vehicles (NEV) worldwide.
The acquisition makes EuAuto a wholly owned subsidiary of GTA. GTA said that the addition of EuAuto’s NEV to its product line extends its current family of energy efficient automobiles into affordable niche markets and will enable American families to purchase this electric car as early as 2011.
GTA expects to create thousands of ‘green collar’ jobs across Mississippi, Tennessee and Virginia. At full production, GTA hopes to create over 4,000 new US jobs. The acquisition of EuAuto will bring an additional 300 jobs to the US.
Terence McAuliffe, chairman of Greentech Automotive, said: ”GTA stands with the Obama administration in reaffirming a commitment to economic recovery and growth.”
Gary Locke, commerce secretary of the US, said: ”Transactions such as this one are truly win-win: they bolster the US economy and speed our economic recovery; they support high-quality, high-wage green jobs in the US; they help rebuild our manufacturing sector; and, by leading to lower carbon emissions, they contribute to our ability to deal with climate change.”
Concurrently with GTA’s acquisition, EuAuto has entered into a long-term strategic partnership with Business Center Bornholm as part of the Bright Green Island project in Denmark.