Greentech Automotive acquires EuAuto technology

EuAuto a Hong Kong-based company that specialises in electric vehicles.

Greentech Automotive (GTA) has acquired EuAuto Technology, a Hong Kong-based company that specialises in design, manufacturing, and distribution of Neighborhood Electric Vehicles (NEV).

According to GTA, EuAuto is now a wholly owned subsidiary of the company. The addition of EuAuto's NEV to its product line extends its current family of energy efficient automobiles into affordable niche markets and will enable American families to purchase this electric car by 2011.

In addition, the company plans to create several 'green collar' jobs across Mississippi, Tennessee and Virginia. At full production, the company will create around 4,000 new US jobs. The acquisition of EuAuto will bring an additional 300 jobs to the US.

In conjunction with GTA's acquisition, EuAuto has also entered into a partnership with Business Center Bornholm as part of Bright Green Island project in Denmark.

Terence McAuliffe, chairman of GTA, said: "GTA stands with the Obama administration in reaffirming a commitment to economic recovery and growth. We will continue to expand green collar job creation, which is central to our mission to build energy efficient, affordable automobiles in the US."