Vmoto announces Chinese electric vehicles joint venture deal
Scooter manufacturer Vmoto announced its entry into the electric three-wheel and four-wheel vehicle market in China via a joint venture.
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The joint venture with a set of unnamed partners will focus on the design, manufacture and distribution of electric three-wheel and four-wheel vehicles.
Vmoto will own a 20% stake in the new joint venture and will initially invest up to $1.5m.
Managing director of Vmoto Charles Chen said: "Vmoto is very pleased with its proposed entry into the joint venture with a number of very experienced partners in the Chinese electric vehicle industry.”
As of 14:22 the firm’s share price rose 8.75% to 2.28p per share