Green Automotive Restructures Electric Vehicle Business

Green Automotive Company (OTCQB: GACR) has announced that it is restructuring its electric vehicle business and will sell the assets of its GoinGreen and LEC2 businesses to former GoinGreen staff members, led by Clive Southwell, former director of the UK business.

At the same time, it will transfer the majority of the knowledge in its electric vehicle technology centre, known as Liberty E-Tech, to a new facility to be opened in Riverside, California, where its main manufacturing business is located.

As a consequence, the company will cease its electric vehicle retailing, engineering, development and support operations in the UK. The re-organisation of the UK business will take place as a Creditors Voluntary Liquidation under the U.K.’s Insolvency Act of 1986, Section 98.

GAC’s goal, according to the company,  is to make Newport Coachworks the focus of the company’s efforts to create a successful and sustainable business whose key priorities are: “the production of high quality diesel, gas and CNG shuttle buses; the development and launch of a profitable and environmentally friendly range of electric shuttle buses, and the development of EV technology catering to the commercial vehicle sector.”

Category: General Update, Green, Vehicles