O.C. electric car importer to open China facility

[azi malik]

Green Automotive Company, a Newport Beach importer and distributor of electric cars, said it has identified a location for its vehicle assessment center in Shanghai, China and expects to start hiring workers by the end of the year.

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The company said the GAC Vehicle Assessment Center will be managed by a subsidiary, GAC Automotive Services, and will advise Chinese manufacturers to meet U.S. motor vehicle safety standards before shipping vehicles to the United States for further testing.

Green Automotive went public in a reverse merger with Matter of Time I Inc. in September and changed its incorporation from Delaware to Nevada. The stock is traded on the over-the-counter pink sheets.

"The Company's investment in a vehicle assessment and development center based in Shanghai will increase our presence while making an important statement to the Chinese vehicle manufacturers that we have been in contact with," said Director Ben Rainwater. "we fully intend to be in a position very soon to assess and deliver additional services related to their vehicles at a more efficient cost. I further believe that this on-the-ground presence will greatly assist us in the development of potential business partnerships with other Chinese automobile manufacturers and other automotive-related service companies."

On Nov. 22 Green Automotive reported a loss of $982,930 or 5 cents a share for the quarter ended Sept. 30. Since its inception, the company has lost almost $3.3 million.

The Company is currently testing an All-Electric SUV and an all-electric MPV for introduction to the U.S. market in 2012. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas.