LAS VEGAS, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Michael Hu, President of 2050 Motors, Inc. (US OTC:ETFM), is proud to announce the completion of a successful trip to Yancheng, China, to complete the timetable to begin assembly of the all carbon fiber body electric automobile called the e-Go EV.
Michael Hu stated that 2050 Motors’ engineering team was accompanied by a senior official of the Las Vegas Development Authority who returned with impressive videos and pictures of the extensive manufacturing facilities that Aoxin Automobile, 2050 Motors’ manufacturing partner, has completed in Yancheng.
Only a few photographs are available to be reviewed by the public due to the proprietary nature of the high-tech carbon fiber production equipment. Please see photographs http://www.2050motors.com/yancheng.html
As a result of this trip, Aoxin Automobile signed an extension to the original contract, signed in 2012 by 2050 Motors and Aoxin Automobile, throwing full support behind 2050 Motors for the e-Go EV assembly plant in the United States.
The contract will be in full force as soon as 2050 Motors signs a lease for the facility in Las Vegas, Nevada, to start assembly. This lease is expected to be signed very soon because 2050 Motors has been negotiating for a significant period of time with the City of Las Vegas, which owns the property.
Mr. Hu stated that managerial planning work is underway to coordinate industrial complexities associated with a United States assembly plant for the very unique carbon fiber electric vehicle to include packaging of parts in China, export/import paperwork to the USA, training of personnel, quality control of the assembly parts, compliance with US laws including crash test standards and other safety requirements, etc.
2050 Motors is now reviewing management resumes with the goal of bringing automobile assembly expertise to spearhead our own organization.
About 2050 Motors, Inc.
2050 Motors, Inc. (http://www.2050motors.com and http://www.etfm.com), is a publicly traded company incorporated in Nevada in 2012. 2050 Motors was founded to develop and produce the next generation of clean, lightweight, efficient vehicles and their associated technologies. Some of these technologies include alternative renewable fuels, hybrid electric vehicles, advanced graphene lithium batteries and low-cost carbon fiber vehicles. 2050 Motors has been successful in forming long-term relationships and exclusive contracts for a variety of game-changing technologies. 2050 Motors entered into an agreement with Jiangsu Aoxin New Energy Automobile Co., Ltd., located in Jiangsu, China, for the distribution in the United States of a new electric automobile, known as the e-Go EV (electric vehicle). The e-Go EV is a revolutionary new concept in the ever-evolving world of electric vehicles. It will be the only production line electric car with a carbon fiber body and parts manufactured by a new process using robotic machines which significantly reduces the fabrication time and cost of carbon fiber components. The e-Go EV will seat four passengers, have advanced lithium batteries, and high energy efficiency rating of up to 150+ MPG-E energy equivalent in urban driving due to the light weight of the vehicle. See videos of completion of the e-Go EV manufacturing plant at https://www.youtube.com/watch?v=wih8_xxZNgA and the unveiling of the e-Go EV at the 2014 Shanghai Auto Show http://www.2050motors.com/shanghaishow.html. 2050 Motors will start assembling and selling the e-Go EV as a low-speed neighborhood electric vehicle while the Company is completing the crash test sequence and other requirements to sell the e-Go EV as a highway-capable vehicle (please see four-minute video illustrating the successful frontal crash test of the e-Go and additionally the amazing impact durability testing https://www.youtube.com/watch?v=WeCpds1J9TE). The Company is fully reporting under the SEC EDGAR system.
Statements in this press release about our future expectations, including without limitation, the likelihood that 2050 Motors will be able to leverage capital markets to execute its growth strategy, meet US DOT requirements, meet minimum sales expectations, will be successful and profitable in the US market, and will bring significant value to 2050 Motors' stockholders, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
VP North American Operations
2050 Motors, Inc.
Benchmark Advisory Partners LLC
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