Green Automotive Co. and Niyato Industries say they are partnering to bring domestically manufactured all-electric vehicles (EVs) to the U.S. market this year.
The terms of the letter of intent are focused on granting Green Automotive the exclusive license to distribute Niyato's vehicles initially in the western U.S. in exchange for an undisclosed amount of Green Automotive common stock. Another aspect of the deal involves the companies negotiating terms related to the operation of a Niyato manufacturing center that may be located in California.
Niyato Industries has a license to convert Ford Fusion and Ford Escape models into 100% all-electric vehicles and to market them under the Niyato brand. The company is planning to begin manufacturing operations in July.