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Hong Kong Watchmaker Buys Japanese EV Startup
Hong Kong-based watch and jewelry maker O Luxe Holdings Ltd. says it will spend HK$898 million ($115 million) to acquire control of 7-year-old Japanese electric car maker Grand Lord Motors Ltd.
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Hong Kong-based watch and jewelry maker O Luxe Holdings Ltd. says it will spend HK$898 million ($115 million) to acquire control of 7-year-old Japanese electric car maker Grand Lord Motors Ltd. (GLM).
O Luxe will buy 86% of GLM shares with cash and new shares in the startup, according to The Nikkei. The newspaper says the luxury goods company expects to eventually buy out remaining GLM minority shareholders. O Luxe said in April it planned to acquire an unnamed Japanese EV company.
GLM, sometimes described as “Japan’s Tesla,” unveiled its electric G4 supercar (pictured) last October at the Paris auto show. The $225,000 sedan features four gullwing doors and a pair of electric motors that deliver a combined 540 hp and 740 lb-ft of torque. GLM also offers the electric $70,000 Tommykaira ZZ sports car.
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