LAS VEGAS, NEVADA, Dec. 09, 2016 (GLOBE NEWSWIRE) -- Michael Hu, President of 2050 Motors, Inc. (US OTCQB: ETFM), today reviewed the present status and outlook for 2050 Motors for the year 2017.
Mr. Hu takes this opportunity to remind everyone that 2050 Motors is much more than just a car company. 2050 Motors is involved in all aspects of automobile technology including advanced batteries, high efficiency and alternate fuel engines, hybrid vehicles, production of graphene and composite materials.
Mr. Hu also states that the company has continued to make progress on all its projects. However, delays have occurred in China with our partner Jiangsu Aoxin New Energy Automobile Co., Ltd., for the production of the all carbon fiber electric automobiles. The reason for these delays at the Aoxin manufacturing plant have been clearly stated in two Bloomberg articles issued on August 28 and 29, 2016. The first article titled, “95% of China's Electric Vehicle Startups Face Wipeout” (http://www.bloomberg.com/news/articles/2016-08-28/most-of-china-s-electric-car-startups-face-wipeout-by-new-rules) explains that China will only issue a very limited number of production permits to electric vehicle manufacturing companies, which will probably eliminate 95% of the existing electric vehicle companies in China. The second article titled, “Waste-Truck Maker, Sportscar Startup Said Near China EV Permits” (http://www.bloomberg.com/news/articles/2016-08-29/garbage-truckmaker-sportscar-startup-said-near-china-ev-permits) clearly indicates that Aoxin is a primary candidate to receive one of these very limited and valuable production permits. The article states, “Aoxin, which produces electric-powered garbage trucks and postal vehicles, is owned by the investment arm of Yancheng, a small city in eastern Jiangsu province. The mayor had pledged to help the company obtain the EV manufacturing permit as part of the provincial push to promote the development of the new-energy vehicle industry.”
Mr. Hu further comments: The China government reviewers, the National Development and Reform Commission (NDRC), issue approvals at their own pace. Although the new Aoxin manufacturing plant has passed all previous inspections by this agency, complications have occurred due to the fact that no other company in China has ever built full carbon fiber electric vehicles before. Aoxin continues to cooperate with the NDRC for the license/permit to be issued.
2050 Motors is anxiously awaiting the arrival of the first assembly line shipment of the new all carbon fiber e-Go automobiles to the United States to schedule crash testing according to US DOT standards. This will happen as soon as the new Aoxin e-Go manufacturing plant receives its permit to produce vehicles. It should be noted that the e-Go has already passed preliminary crash testing at the famous CATARC Institute in China according to Chinese, Japanese and European standards. Please see press release titled, “2050 Motors, Inc. Announces All Carbon Fiber Electric E-Go Passes Frontal Crash Test With Impressive Results” (Feb. 12, 2016)(http://2050motors.com/press-releases.html) for further details on crash testing.
Aoxin completed Phase 1 of the full carbon fiber body electric vehicle plant in China in January 2015 (https://www.youtube.com/watch?v=wih8_xxZNgA), which continues to be updated with advanced robotic production machinery.
Aoxin has also continued to invest several hundred million dollars (USD) to complete its Phase 2 project with an additional 2.2 million square foot facility (see photos at website http://www.2050motors.com/aoxinfacility.html). In this completed facility, Aoxin will build two brand-new carbon fiber electric vehicle models for model years 2019 and 2020. Phase 2 will also include on-site manufacturing of its own vehicle batteries and other major electrical components, including electric motors and controllers.
In summary, Mr. Hu stated that 2050 Motors and its production partner Aoxin will continue their journey to the ultimate goal of producing and distributing some of the most advanced carbon fiber electric automobiles in the world.
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 its 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 a long battery life, and high energy efficiency rating of up to 150+ MPG-E energy equivalent in urban driving due to the light weight of the vehicle. The five-passenger carbon fiber luxury sedan Ibis EV, the e-Go's big brother, will also be showcased along with the e-Go EV for future sales in the United States. 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. The company is fully reporting under the SEC EDGAR system.
Disclosure Statement
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.