Following up the successful launch of the Saleen model program at the renowned Shanghai Auto Show, GreenTech Automotive, Inc. and Saleen Automotive Inc (OTCBB:SLNN) have expanded their existing distribution and marketing deal through the finalization of a new Intellectual Property License Deal. This agreement includes distribution terms and an exclusive Saleen technology and brand licensing deal for the Asian market.
Since the initial distribution and marketing deal, executed March 2014, GreenTech has fully campaign the product lineup of Saleen vehicles at the Chengdu, Guangzhou, Beijing and Shanghai Auto shows for local market brand acceptance. Steve Saleen, the CEO said that just fetching a little attention in a market can even take decades of persistence. GreenTech have managed to quickly bring the company into the focus in China’s market. GTA team has proven that they are committed to the continuing growth of the Saleen brand and product distribution in the rest of Asia.
Saleen Automotive reported that a new entity, Saleen Motors International, which is a wholly owned subsidiary firm of GreenTech, will be used to distribute its branded products. However, the subsidiary is in no way associated with Saleen. The deal coincides with the launch of the new Mustang, which is made available globally for the first time in its history.
China’s automotive market is the largest market in the world. Almost 19.71 million new cars were sold in 2014. With global automotive sales expected to touch 117 million new cars yearly by 2020, this distribution, marketing, and licensing deal for Saleen couldn’t have come at a better time. GreenTech Automotive is dedicated to producing and developing energy-efficient and environment-friendly vehicles.
Saleen Automotive Inc (OTCBB:SLNN) had a very interesting session yesterday as it closed with a solid gain of 16.67% but the equally big 17% drop from the intraday high stole much of the bullish sentiment. The volume of 101 million was more than triple the daily average of 31 million but considering the structure of the daily candle, it must be taken as a battle between bulls and bears instead of a one sided match for the bulls. The series of lower highs and lower los remains intact, suggesting a continuation of the major downtrend for a few days more at least.