MOKE International starts a new cycle in its history by selling, for the time being, 65% of its shareholdings to EV Technology Group (EVTG). The transaction involves both cash and stock and is valued at $51.6 million, according to a statement.
The contract established by these two companies leaves the future open by safeguarding EVTG with the possibility of one day acquiring up to 100% of the remaining shares. There is also another clause that requires the entire management team of MOKE International to be retained and to continue to lead the brand’s expansion.
We are talking about a partnership that will bring several advantages, especially for MOKE International, which will benefit from EVTG’s world-class product development, engineering, and manufacturing capabilities. In addition, it is believed that, by joining this company, “MOKE International will be perfectly placed to expand rapidly into global markets”.
“EVTG’s in-house expertise, as well as customer-centric technologies, will also be invaluable to our brand.” Especially “as we continue to develop the Electric MOKE and more pioneering products”, MOKE International itself specifies.
For EVTG’s CEO, this is an “exciting and special investment”. Wouter Witvoet shared that his interest in MOKE International arose when, in the South of France, he tried to rent a MOKE. “At that moment I discovered the joy of driving this vehicle” but more importantly “I became aware of the commercial opportunity to reimagine MOKE as a global brand,” he recalls.
The CEO of MOKE International, in turn, guarantees to be “eager to start working closely with Wouter and the entire EVTG leadership team”. Her main goal is “to further develop MOKE International and other exciting brands to come”.
A little bit of EVTG history
EVTG, founded in 2021, specializes in the electrification of iconic brands. Backed by a diversified team of passionate entrepreneurs, engineers, and driving enthusiasts, this group “creates value for its customers by offering them a complete experience”. More specifically, “acquiring and partnering with iconic brands with significant growth potential in unique markets and controlling end-to-end capabilities”.
The acquisition of 65% of the shares of MOKE International “represents EVTG’s first full purchase of a major automotive brand”. As described by the company itself, “this is a deal that fits perfectly with our strategy of reinventing brands through electrification and redefining the joy of motoring in the electric age”.
Behind this investment in Moke International is “the ambition to help this brand expand as it enters new markets, particularly in the United States of America” shares EVTG in a statement. “Moke International will have a bright future and we believe that we can accompany and support the brand along this path,” they add.
MOKE International’s CEO says she is “proud and excited that MOKE International is becoming part of the EV Technology Group”. According to Isobel Dando, “it is the perfect company to take our rapidly growing business to the next level with the right balance of expertise, investment, and ambition”.
Moke Electric: an extension of the legendary 1964 Mini Moke
EVTG’s union with Moke International comes as the latter company launches the new British-built Electric MOKE. A model described as “the emissions-free extension of the legendary 1964 Mini Moke”.
Developed by the father of the Austin Mini, Sir Alec Issigonis, the 1964 Mini Moke quickly became a global icon and an enduring symbol of the swinging 60s. This was helped by the fact that this car was driven by celebrities such as The Beatles, Bridget Bardot, and James Bond in glamorous locations like the French Riviera and the Caribbean.
By replacing the combustion engine in this vehicle, Moke International has earned the status of the “first heritage brand to go fully electric”. Furthermore, by launching this electric version, “we are ensuring that future generations will have the opportunity to enjoy the sense of excitement and freedom that made this car a real success six decades ago”.
About the characteristics of the new Moke Electric, we can advance that this car can cover up to 80 miles of range on a single charge. In practice, this means that we only need to charge the car once to make four round trips from Cap- Ferrat to Monaco. Best of all, using the Type 2 Port, we only need 4 hours to fully charge our Electric Moke.
Production of the Electric MOKE takes place in the UK, more precisely “at a state-of-the-art facility owned and operated by British automotive manufacturing services company, Fablink Group”.
