Moke International has agreed to sell up to 100% of its shareholdings to EV Technology Group (EVTG). EVTG says it specializes in electrifying iconic automotive brands and the strategic move comes as Moke International launches the new British-built Electric Moke. Moke International says it will benefit from EVTG’s product development, engineering and manufacturing capabilities.
In a cash and stock transaction valued at $51.6 million, EVTG will own approximately 65% of Moke International and will maintain an option to acquire up to 100% of the remaining shares. The deal represents EVTG’s first full purchase of a major automotive brand. Moke International’s management team will all be retained as part of the deal and will continue to lead the brand’s expansion, the companies say.
The Electric Moke covers up to 80 miles of range on a single charge and a full charge takes four hours via a Type 2 port.
