Valmet Automotive to start production of Think electric car
(Thomson Reuters ONE) - Valmet Automotive's press release on August 27, 2009, 4:45 p.m. localtimeValmet Automotive and the Norwegian company Think Global AS havesigned a letter of intent under which Valmet Automotive will be aproduction and engineering partner for the Think City electricvehicle.According to the letter of intent the manufacturing of Thinkelectric vehicle will be transferred from Norway to ValmetAutomotive's factory in Uusikaupunki, Finland, this year. ValmetAutomotive will also become a minor shareholder in Think to indicateits commitment to Think's future development and long-standingcooperation.Think City is an electric urban car that is suitable also for highwaydriving and can travel 140 km on a single charge. The car already hasa sales network in Europe and is ready for mass production. Itscurrent order backlog will be transferred to Valmet Automotive'sfactory for production.Valmet Automotive will be responsible for production transfer,manufacturing engineering and logistics, and it will be involved alsoin the product development of the car. The investments in commencingthe production are about EUR 3 million. The planned productionvolumes are several thousands of cars per year. The launching ofcooperation employs about 50 people in autumn and more than 100people in 2010."The partnership with Think supports our know-how in themanufacturing and development of electric cars," says ValmetAutomotive President Ilpo Korhonen. "We will soon be manufacturingthree different electric vehicles: the Think electric car, the FiskerKarma luxury hybrid and the Garia golf car. The expertise gained fromthese projects furthers the development of our electric vehiclebusiness alongside conventional vehicles."For further information, please contact :Ilpo Korhonen, President, Valmet Automotive, tel. +358 204 84 8001Think is a pioneer in electric vehicles and a leader in electricvehicle technology, developed and proven over 19 years. It is one ofthe few companies that has a "ready-to-market" fully electricvehicle, the Think City. Think is also a leader in electricdrive-system technology. The largest investor in Think is Ener1, Inc,which is the parent company of EnerDel, a leading manufacturer ofautomotive battery systems.Valmet Automotive is a provider of automotive engineering andmanufacturing services of premium cars. In 40 years the company hasproduced over 1,100,000 high-quality vehicles in Finland. The carshave been delivered worldwide. Today Valmet Automotive manufacturesPorsche Boxster and Porsche Cayman for Porsche AG. The manufacturingof Fisker Karma hybrid vehicle and Garia golf car starts in 2009. Thecompany is a part of Metso.It should be noted that certain statements herein which are nothistorical facts, including, without limitation, those regardingexpectations for general economic development and the marketsituation, expectations for customer industry profitability andinvestment willingness, expectations for company growth, developmentand profitability and the realization of synergy benefits and costsavings, and statements preceded by "expects", "estimates","forecasts" or similar expressions, are forward-looking statements.These statements are based on current decisions and plans andcurrently known factors. They involve risks and uncertainties whichmay cause the actual results to materially differ from the resultscurrently expected by the company.Such factors include, but are not limited to:(1) general economic conditions, including fluctuations in exchangerates and interest levels which influence the operating environmentand profitability of customers and thereby the orders received by thecompany and their margins(2) the competitive situation, especially significant technologicalsolutions developed by competitors(3) the company's own operating conditions, such as the success ofproduction, product development and project management and theircontinuous development and improvement(4) the success of pending and future acquisitions and restructuring.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.08.2009 - 15:45 Uhr
Sprache: Deutsch
News-ID 5185
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