PRESS RELEASE

Honduras will assemble and distribute electric cars internationally

By
Monday, June 11, 2018

Press release of the Government of the Republic of Honduras

With an initial investment of 30 million dollars, the company Green4U will install in Honduras the first assembly plant and distribution of electric cars at the regional level, with exports that are projected to exceed 163 million dollars.

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This weekend, the Honduran president, Juan Orlando Hernández, met with the president of the company Green4U, Donaldo Eugene Panoz, in the city of Atlanta (Georgia, United States), where he learned about the manufacturing process of these vehicles, which from the first quarter of 2019 they will be assembled in catracha lands.

With the installation of this assembly plant, Honduras is at the forefront of global technology and is located in the export market for these products.

The concretization of this millionaire project is the result of negotiations established through the Honduras 20/20 Employment and Economic Development Program, which is strengthening key sectors of the Honduran economy and attracting investment and generating employment.

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The factory will be installed in the department of Cortés, where the manufacture of three types of vehicles is contemplated: compact urban, pickup and truck, which will also be marketed locally and regionally, with expected exports of 163 million dollars.

Central America and the Caribbean

"We have seen in Atlanta the opportunity of a large market for Honduras in the sense that the country will not only assemble these vehicles, but also can provide them locally, in Central America and the Caribbean," said President Hernández after meeting the cutting-edge technology that is used in the manufacture of these automobiles.

This type of cars significantly reduces fuel investment costs and is environmentally friendly, bearing in mind that no fuel is required for its operation, which reduces the impact of carbon dioxide.

Based on the calculations established by Green4U, in the medium term the compensation of the original price of a car that works with fuel, compared to an electric vehicle, generates a great economic saving and a positive environmental impact, explained the president.

Hernandez said that this is a great employment opportunity for Hondurans and also to take a step further in technical and vocational education in areas that are not yet implemented in the country.

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The installation of the plant will also give way to the implementation of an educational program so that employees can provide maintenance and technical support to the countries with which they will trade.

Growth attracts investments

Among the reasons that motivated this millionaire consortium to invest in Honduras stands out the economic growth of the last five years, its geographical location, having ports in the Atlantic and the Pacific, which facilitates worldwide commercialization, as well as legal incentives that improve the investment climate.

The president of Green4U, Donaldo Eugene Panoz, said he has been aware of the progress of Honduras in terms of infrastructure, which he noted during his last visit, when he could see all the investment that the Government has implemented in this area, which "It gives a positive vibe that is a good investment option."

Panoz said that the visit of President Hernandez allows to enhance the advantages that Honduras offers worldwide by having many opportunities not only in terms of agriculture, but in different areas of interest.

For his part, the Minister of Investment Promotion, Luis Mata, said that the first regional plant for the assembly of electric cars will be located near Puerto Cortes, where there are already three pre-selected sites.

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He explained that a delegation consisting of representatives from Honduras and Green4U is finalizing details to make way for the operation, so it is expected that the plant is already in operation in the first quarter of 2019.

The assembled vehicles will be distributed nationally and internationally at competitive costs so that the population has this type of transport as an option, which, in addition to reducing fuel consumption costs, contributes to the protection of the environment, explained the Honduran official.

"The business meetings promoted by President Hernández provide confidence, stability and security to investors, this is the first vehicle plant in the region (Central America and the Caribbean), so we are going to position ourselves in the world market, giving way to Honduras becoming the Logistics Center of the Americas, "said Mata.

Green4U is based in Atlanta, has 25 years of experience in the automobile market and has assembly plants in Australia, Vietnam and Scotland, and in 2019 expects to start operations in Honduras.

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Washington

President Hernandez moved to Atlanta after conducting an intense round of meetings in Washington with congressmen, senators and officials of the US Executive Power in order to establish lobbying for Hondurans covered by Temporary Protected Status (TPS) and establish new security strategies to combat organized crime and gangs and gangs.

In this sense, the president was satisfied with the meetings with representatives of the Executive Power, senators, congressmen and civil society organizations that influence the political life of the United States and the continent.

"I think we have made important progress and we have already laid the foundations to rethink the security scheme not only of Honduras but of the region," the president concluded.

This press release was published using an automatic translation system.