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Chongqing Sokon plans to acquire Tesla former CEO’s startup

Annie Liu From Gasgoo| October 18,2017

Chongqing Sokon InEVitable, Sokon Martin Eberhard SF MOTORS

Shanghai (Gasgoo)- Chongqing Sokon Industry Group Co., Ltd announced on October 17 that its wholly owned subsidiary SF MOTORS planned to acquire 100% stake of InEVit with a transaction price of 33 million dollars, to further enhance its strategic layout in the field of new energy electric vehicles.

According to the agreement, Martin Eberhard, founder of InEvit (also co-founder and first CEO of Tesla), and his team (Heiner Fees and Mike Miskovsky) will join SF MOTORS.

InEVit was founded in September, 2016 by Martin and Heiner Fees. Each of the cofounders have 40.81 percent stake of the company. InEVit is principally engaged in the development and design of electric vehicle battery systems. In the field of electric vehicles and other applications, InEVit reduce costs sharply through the standardized design of battery module system, which helps to promote the development of electric vehicle industry.

According to Sokon, this acquisition is very important to its industry chain layout of new energy vehicles. It will help the company to further master the advanced electric vehicle battery system technology and develop the “Three Electricity” systems business. Up to now, the target company has received design and development orders from Audi, which are worth 300,000 euros. Besides, it has got contact with Daimler AG, Volkswagen and Renault Motor Group.

What's more, through this acquisition, Sokon will not only get InEVit’s own battery system technology, they will also get Martin Eberhard team’s full-time engagement. According to the plan, Martin will be vice president and chief innovation officer of SF MOTORS. Heiner Fees will be a member of its innovation committee and report directly to CEO. Mike Miskovsky will be the company’s chief development officer and co-CEO of InEVit. Sokon said that this will help to display its appeal and influence in the field of new energy electric vehicles, to attract more excellent professionals, and to further improve the company's team capacity and level.

According to preliminary estimates, net profit of the first three quarters is 0.48 to 0.5 billion yuan, an increase of 65.21% to 72.10% compared to the same period of last year. As for the growth reasons, the company mainly attributes it to the rise in the sales of Super City SUV models and new engines. SUV sales from January to September in 2017 reached 122,645 units, accounting for 42.93% of the company's total sales over the same period. During the reporting period, sales of auto products increased 10.86%, and sales of engine products jumped 23.97%.

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