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KISSIMMEE, Fla. - ECD Automotive Design, Inc. (NASDAQ:ECDA) announced Monday a U.S. distribution alliance with Chelsea Truck Company (CTC) to create a collaborative line of customized Land Rover Defender L663 and INEOS Grenadier vehicles. The micro-cap company, with a market value of just $1.9 million, has seen its stock decline over 96% in the past year, though InvestingPro analysis suggests it may be undervalued at current levels.
The joint venture, branded as "ECD × CTC," will combine CTC's British design and parts engineering with ECD's vehicle craftsmanship and interior luxury capabilities. The customized vehicles will be assembled at ECD's Kissimmee, Florida facility using CTC's premium components.
This partnership expands ECD's market reach into newer vehicle models, targeting the estimated 100,000 Land Rover Defenders and 12,000 INEOS Grenadiers sold in the United States since their respective market introductions in 2020 and 2023.
"This agreement with Chelsea Truck Company extends our long-standing relationship with Kahn Design," said Scott Wallace, CEO and Co-Founder of ECD. "It allows us to utilize existing factory capacity and technical expertise in a capital-efficient way."The capital efficiency focus is timely, as InvestingPro data shows the company has been quickly burning through cash. Investors can look for updates when ECD reports its next earnings on November 20, with analysts expecting profitability improvements this year despite recent challenges.
ECD, which trades on Nasdaq under the ticker ECDA, specializes in restoring luxury vehicles including Land Rover Defenders, Range Rover Classics, Jaguar E-Types, Ford Mustangs, and Toyota FJs. The company operates from a 100,000-square-foot facility in Florida with 102 staff members.
Chelsea Truck Company, established in 2013 and headquartered in London, focuses on customizing urban 4x4s including Land Rover Defenders, Jeep Wranglers, Mercedes G-Wagons, and INEOS Grenadiers.
The announcement was made in a company press release statement.
In other recent news, ECD Automotive Design has received approval from the SEC to sell up to $300 million in common stock under an existing equity purchase facility agreement. This development allows the company to raise capital through stock sales, with the registration statement becoming effective on November 3. Additionally, ECD Automotive Design announced it has regained compliance with Nasdaq's minimum bid price requirement, maintaining a share price above the $1.00 threshold for 16 consecutive business days. The company also unveiled its first custom Porsche 911 build, named "Gravette," marking its entry into the Porsche 911 restoration and customization market. This move follows the company's earlier expansion into Ford Mustang restorations. In a strategic partnership, ECD Automotive Design has teamed up with Chelsea Truck Company to enhance the customization of New Defender L663 and INEOS Grenadier vehicles. This collaboration aims to deliver luxury 4x4 vehicles with improved delivery times to U.S. customers.
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