Green Automotive Co Corp (fka GACR)

[insideinfo80]

Green Auto Chases Tesla in Electric Auto Market

DALLAS, TX, Jul 01, 2010 (MARKETWIRE via COMTEX) -- Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that the company is hot on the trail of new Electric Car Manufacturer, Tesla Motors -- after their record breaking new IPO.
Tesla Motors, Inc. www.teslamotors.com, a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. The shares began trading on June 29, 2010 on the NASDAQ Global Select Market under the ticker symbol "TSLA." Tesla closed at $23.89 on the Nasdaq, up $6.89 from its IPO price of $17. Its 41% gain was the second-best debut from an IPO in the U.S. this year. Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are acting as the joint book-running managers for the offering.

Tesla will use the IPO and the federal loan to develop its lithium-ion battery-powered Model S, a $57,400 electric sedan intended to travel 160 miles (257 kilometers) per charge, by 2012. The company plans to produce at least 20,000 units of the Model S each year. Tesla plans to introduce additional models, including a crossover utility vehicle and convertible. "The Model S is going to be a premium sedan, and we're not planning for it to be in the same class as the Leaf or the Volt," Tesla spokesman Ricardo Reyes said.

Green Auto is offering a new program that will be offering consumers an opportunity to "Build Your SUV" Program -- through their new modified website; www.usaelectricauto.com and expanding their distribution and sales model to now allow Consumers Options such as Theme Wraps, Interior Combinations and Electronics to Custom Paint. Once a Consumer completes their design the new SUV should be available for delivery within 120 days. The best part of the program is they only have to make a partial payment of $995.00 to start the process.

Nissan's electric Leaf hatchback, which has a range of 100 miles, goes on sale in the U.S. later this year with a base price of $32,780, or a third less that Tesla's Roadster. Nissan Chief Executive Officer Carlos Ghosn said the automaker has received more than 20,000 orders for the Leaf globally, and is prepared to build as many as 500,000 electric cars annually by 2012. Japan's third-largest automaker reported revenue of $81.1 billion in its fiscal year ended March 31. On June 25th Nissan stated, "We are pleased to announce we have broken ground on our new lithium-ion battery plant in Smyrna, TN. This facility will also begin manufacturing the 100% electric Nissan LEAF(TM) in 2012, which will create 1,300 jobs. Producing the LEAF and its batteries helps bring sustainable mobility to the United States and moves us all closer to energy independence." www.nissanusa.com/leaf-electric-car/index#/leaf-electric-car/index

GM plans to introduce the Chevrolet Volt electric car in November 2010. The Detroit-based automaker is preparing for an IPO that may sell 20 percent of the Treasury's stake in the company and reduce the U.S. to a minority owner. http://en.wikipedia.org/wiki/Chevrolet_Volt

Green Auto is continuing with the expansion of their dealer network as announced on June 14, 2010 with EvCarco Inc www.evcarco.com who will be developing new dealers in cities to include Dallas, Austin, San Antonio, and Houston Texas; Oklahoma City, Oklahoma; San Diego, Sacramento, Palm Springs, California; Las Vegas, Nevada; Phoenix/Scottsdale area in Arizona; Atlanta, Georgia; Naples, West Palm Beach and Miami, Florida.

The recent success of Green Auto exhibiting the new all-electric SUV at the Barrett-Jackson Auto Show in Orange County, CA during June 25-27, 2010 brought out thousands of auto enthusiasts, dealers, members of the media, investment bankers and a very high profile list of celebrities that included Government Officials.

The Zotye Electric SUV Vehicle has: A/C & Heat, Power windows/Power locks, DVD Audio System, Integrated electric system monitoring screen (Monitor battery status, vehicle speed, charging status, Regular On Board Charging and fast charging port, Automatic transmission (8:1 ratio), Five Door 4 seats Electric SUV (Lithium Ion Battery) Max Speed: up to 75 mph, with a range of up to 250 miles. The Vehicle comes with an 185,000 Mile Warranty. Info: (www.zotyeglobal.com).

About Green Automotive Company Inc:

Green Automotive Company is an import/distributor of Electric Cars/SUV's to North America. More info visit; www.usaelectricauto.com

Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Green Automotive Company Inc., does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

For Further Information:
Green Automotive Company Inc.
Email Contact


SOURCE: Green Automotive Company