May 20 2010
Terence R. McAuliffe, Chairman of Greentech Automotive (GTA), announced that GTA has acquired EuAuto Technology Ltd., a Hong Kong-based award-winning company that specializes in the design, manufacturing, and worldwide distribution of Neighborhood Electric Vehicles (NEV).
The announcement comes during US Commerce Secretary Gary Locke’s Clean Energy Trade Mission in Hong Kong and during World Trade Week. EuAuto now becomes a wholly owned subsidiary of GTA. The addition of EuAuto’s NEV to GTA’s product line extends its current family of energy efficient automobiles into even more affordable niche markets and will enable American families to purchase this electric car as early as 2011. EuAuto’s electric vehicle, MyCar, was named electric vehicle of the year at the 2008 European GreenFleet Awards.
GTA plans to create thousands of “green collar” jobs across Mississippi, Tennessee and Virginia. At full production, GTA will create over 4,000 new US jobs. The acquisition of EuAuto will bring an additional 300 jobs to the US.
“GTA stands with the Obama administration in reaffirming a commitment to economic recovery and growth,” said McAuliffe. “We will continue to expand green collar job creation, which is central to our mission to build energy efficient, affordable automobiles in the US.”
In congratulating GTA on its acquisition of EuAuto, Secretary Locke said, “Transactions such as this one are truly win-win: they bolster the U.S. economy and speed our economic recovery; they support high-quality, high-wage green jobs in the United States; 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 entered into a long-term strategic partnership with Business Center Bornholm as part of the Bright Green Island project in Denmark. Mr. Christiansen, Acting Consul General of Denmark’s Consulate in Hong Kong, witnessed the signing of the partnership agreement.