Agrotech: Termination of Electric Vehicle Project and Related Investment Efforts

Foreks - Agrotech has concluded its efforts regarding the electric vehicle project and associated investments, determining that continuing these endeavors would not be economically viable.

In a statement made to the Public Disclosure Platform (KAP), it was noted: "As we previously announced to the public, our company acquired a 75% stake in Joyce Electric Vehicle Technologies Inc. as of March 25, 2024. With this acquisition, it was anticipated that different product groups would be included in the innovative projects we are already conducting in the high technology sector. In this context, we announced our products and technologies to the public during a widely attended press conference and launch event on April 2, 2024. Following the completion of the merger process, efforts related to various product groups, especially electric vehicles, were quickly initiated and it was publicly shared in our announcement on June 28, 2024, that these activities would be carried out under our subsidiary E Cars High Technology Vehicle Production Logistics and Storage Inc.

Due to the regulations related to electric vehicles that came into effect in our country on July 7, 2024, as well as the additional taxes that were established, and the assessment of the current production processes, it has been concluded that continuing the electric vehicle project and associated investments would not be economically viable, and our efforts in this direction have been terminated.

As Agrotech High Technology and Investment Inc., we will continue our efforts to develop artificial intelligence and technology products on a global scale, as well as our investments in agricultural production and food production areas without interruption."