2050 Motors, Inc. (OTCQB: ETFM) is a development stage
public company formed to import, market and sell electric cars manufactured in
China. Through a partnership with China-based Jiangsu Aoxin New Energy
Automobile Co., Ltd, the company maintains United States distribution rights
for a new electric automobile leveraging a revolutionary approach to the
ever-evolving world of electric vehicles. Upon commercialization, the e-Go EV,
which is currently in its final stage of development and ready for mass
production, will be the only production line electric car constructed with a
carbon fiber body and parts manufactured through a groundbreaking process that
significantly reduces fabrication time and, as a result, cost.
In February, 2050 Motors gave investors an update on the status
of the e-Go EV, announcing that the vehicle had commenced crash testing in
China. In the tests, which were conducted in accordance with European, Japanese
and Chinese test standards, the e-Go EV passed with impressive results,
absorbing the full force of the collision and returning to its original shape.
These results will serve as a solid foundation when, later this year, 2050
Motors proceeds with the U.S. Department of Transportation crash test program,
which is required before the e-Go can be sold in the United States.
“This means that the carbon fiber body absorbed the full
force of the collision and returned to its original shape,” Michael Hu,
president and chief executive officer of 2050 Motors, stated in a news release
regarding the crash test results. “I believe that no other automobile for the
consumer market has ever displayed such a frontal crash resilience and shock
absorbance of energy.”
While the company plans to initially sell and distribute
e-Go vehicles manufactured in China, it has also announced a strategy to
commence manufacturing in a new facility in Las Vegas, Nevada, in the future.
In a January press release, 2050 Motors estimated that its long-term expansion
plans could create more than 3,000 jobs over the next few years. If these plans
come to fruition, the company could find itself in direct competition with
leading electric vehicle manufacturer Tesla (NASDAQ: TSLA), whose high capacity
‘Gigafactory’ is currently under construction outside Sparks, Nevada, as well
as automotive giant General Motors (NYSE: GM), which currently markets the
all-electric Chevrolet Bolt.
“2050 Motors cannot allow Tesla to corner the commuter
market in the same way they cornered the high-end market four years ago,” Hu
continued. “It’s not 2050 Motors’ intention to competitively out sell the e-Go
against the Model 3 from Tesla or the Chevy Bolt because of their already
existing name recognition. However, it’s also true that 2050 Motors does not
need to sell a significant number of vehicles for the company to become
profitable.”
In preparation for the commercial launch of the e-Go EV,
2050 Motors began accepting deposits for the carbon fiber body electric
automobile on March 17. The company is offering significant incentives to
individuals who preorder the e-Go, including opportunities to win free
automobiles or to trade in their e-Go vehicles for the highly-anticipated Ibis
four door carbon fiber luxury sedan if and when it becomes available to the
U.S. market.
For more information, visit www.2050motors.com
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