Electrifying Icons: How This Company Is Using Brand Equity To Get Ahead Of The Pack By Faith Ashmore, Benzinga
Toronto, Ontario
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September 21, 2022 08:00 AM Eastern Daylight Time
In one of Top Gear’s best-performing episodes, host Jeremy Clarkson laments the downsides of electric vehicles. His biggest criticism? Electric cars just aren’t as fun as conventional gas-fueled vehicles.
And while the electric vehicle (EV) field has expanded exponentially in the eight years since the episode was dropped, some of Clarkson’s critiques remain relevant.
Much of the EV market is saturated with futuristic-looking designs that feature almost identical engine technology. Most people are not familiar with these brands and the market doesn’t seem particularly enamored by the futuristic designs on offer. Car fanatics still gravitate toward classic designs that ooze seduction. And so, EV adoption is slower than some hoped, and many companies trying to pave the way are seeing varied results.
EV Technology Group Ltd. (NEO: EVTG) (OTCQB: EVTGF) (EV Technology Group or the Company) is entering the market with a different strategy. It isn’t looking to build a car that looks like it belongs in 2050; instead, it is looking to iconic brands that want a ticket to the electric future. The Company’s vision is to champion the joy of motoring and clearly understand that customers’ attachment to existing brands does not hinder electrification. EV Technology Group’s strategy is built around the concept of acquiring the brand equity of beloved brands and working with the brand to electrify existing models.
The Power Of Sleeping Beauties
EV Technology Group’s strategy has drawn inspiration from Louis Vuitton CEO Bernard Arnault. Arnault would acquire what he called “sleeping beauty” brands like Dior and catapult them into a new era of success. Instead of creating a whole new brand that customers were unfamiliar with and unattached to, Arnault banked on the customer’s existing love and loyalty to the brand. LVMH has seen wild and continued success from this model.
EV Technology Group is finding its own sleeping beauties in the automotive space. It is acquiring beloved car brands that are no longer in production and thoughtfully reactivating them in EVs.
EV Technology Group’s first brand is already proving powerful. In July, the Company entered a definitive agreement with the shareholders of MOKE International Ltd. to acquire up to 100% of the company with the intention of introducing Electric MOKE to the global market. Why MOKE? MOKE is an iconic brand with a cult following. The 1960s-era beach-buggy vehicle has a global reach ranging from the likes of James Bond movies to countless celebrities and brands that want to be associated with the classic style.
Since the acquisition, EV Technology Group has made MOKE into an EV, showed it at the Cannes Film Festival and most recently distributed it at luxury department store Le Bon Marche Rive Gauche in Paris, and at its flagship retail store named Casa MOKE in Saint-Tropez, France.
EV Technology Group is revolutionizing the world of EVs where joy is not compromised for the benefits of electric power. EV Technology Group’s strategy is to build a house of brands, and if its MOKE acquisition is any indication, the company’s future looks bright.
EV Technology Group was founded in 2021 with a vision of electrifying iconic brands – and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities.
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This post contains forward-looking statements including, but not limited to: the acquisition of MOKE International Ltd and strategy of EV Technology Group. Often, but not always, these forward-looking statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under “Risk Factors” in the filing statement and annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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