Agrotech Yüksek Teknoloji ve Yatırım A.Ş. announced that it has stopped its activities regarding electric vehicle investment.
The statement made to the Public Disclosure Platform (KAP) is as follows: “As we have previously announced to the public, our company has acquired 25 percent of the shares of Joyce Electric Vehicle Technologies Inc. as of March 2024, 75, and with this acquisition, it is envisaged to include different product groups in the innovative projects we are currently carrying out in the field of high technology. In this context, we announced our products and technologies to the public at a widely attended press conference and launch we organized on April 02, 2024. Following the completion of the merger process, studies on different product groups, especially electric vehicles, were quickly initiated, and with the statement we made on June 28, 2024, it was shared with the public that these activities will be carried out within our subsidiary E Cars High Technology Vehicle Production Logistics and Storage Inc.
Due to the regulation and additional taxes that came into force in our country regarding electric vehicles as of July 07, 2024, and as a result of the evaluation of the current production processes, it was evaluated that continuing the electric vehicle project and related investments would not be economically profitable and our work in this direction was terminated. As Agrotech Yüksek Teknoloji ve Yatırım A.Ş., our work for the development of our artificial intelligence and technology product groups on a global scale and our investments in agricultural production/food production areas will continue without interruption.”
