Green Automotive Company and Niyato Industries jointly announced that they have signed a Letter of Intent in an effort to accelerate the plans of both companies to bring domestically manufactured all-electric vehicles to the US market this year.
The terms of the Letter of Intent are focused on granting Green Automotive the exclusive license to distribute Niyato’s vehicles initially in the Western United States including the States of Washington, Oregon, California, Nevada and Arizona in exchange for an undisclosed amount of Green Automotive common stock. Another aspect of the LOI involves the companies negotiating terms related to the operation of a Niyato vehicle manufacturing center that may be located in California.