18th Mar 2015 08:24
LONDON (Alliance News) - Vmoto Ltd shares rose early Wednesday after the company said its electric three- and four-wheel joint venture in China has been given all government regulatory and operating approvals.
Vmoto said the joint venture is now operational, with key personnel now in place, market research and product planning started and manufacturing equipment in the process of being procured.
Vmoto is involved in the joint venture with a number of smaller, unnamed Chinese companies.
"The opportunity arose late last year for Vmoto to combine with some leading Chinese companies to target the fast growing electric three and four-wheel vehicle markets. We are very excited by the substantial growth opportunities these markets present in China and globally, and the ability for Vmoto to strategically complement its existing growing electric two-wheel business," said Vmoto Managing Director Charles Chen.
Vmoto shares were up 4.1% to 1.822 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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