Green Automotive Company acquires minority share in US electric truck manufacturer Viridian Motor
10 January 2014
Green Automotive Company has (GAC) acquired 21.63% of Viridian Motor Corporation (VMC), a US-based electric truck manufacturer. Given its experience in the electric truck market in the Europe from the Liberty Electric Cars business (earlier post), GAC decided that the US electric truck market was the next sector in which they should develop.
Viridian Motor Corporation (VMC) is building fully electric, light-duty trucks using its own electric drive train and battery packs.
According to a recent market study led by Navigant Research, the global annual unit sales for hybrid and electric trucks—including light duty trucks used by commercial fleets and all medium and heavy duty on-road trucks—will rise from under 10,000 in 2013 to more than 100,000 in 2020.
There are an important number of synergies to explore especially with regards to supply chain management and commercial activities with our existing Californian bus manufacturing business Newport Coachworks, who plan to launch their first electric shuttle bus this February. This combination should be very beneficial for both businesses. Viridian would become our support partner for electric buses on the East Coast, where we currently do not have any presence.—Ian Hobday, CEO of GAC