Moke to sell its shareholdings to EV Technology Group

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.

Canoo revealed that the U.S. Department of Commerce has approved its Oklahoma City facility as a Foreign Trade Zone (FTZ). The company said this will accelerate its made-in-America EV manufacturing strategy, improve unit profitability and enable a faster path to break even.

Canoo said its Oklahoma City facility currently employs more than 100 workers and will support as many as 1,100 manufacturing jobs at full capacity. The company said this FTZ designation allows for the elimination of all customs duties on vehicles sold to customers overseas and for the deferral of customs duties on imported parts used in vehicles sold domestically. The company added it sources more than 90% of its parts from the U.S. and allied nations. Approximately 70% of parts come from North America, and the remaining are from the rest of the world.