The world's cutest little electric car is set for big growth.
The legendary Moke, the vehicle firm behind the Mini Convertible beach cars, now EV restomods has a new owner. It was bought by EV Technology Group (EVTG) for $55.1 million. EVTG now holds a 65% stake in the brand, based in England. For now, this Group is not much of a group at all.
The brand says that buying EV convertible producer Moke is the first of several automotive purchases it plans to make, thereby fleshing out the "Group" part of its name. Thankfully, the Moke owners are set for growth and will not result in Tesla-style mass layoffs. Instead, EVTG says that Moke's current management team will be retained.
EVTG CEO Wouter Witvoet recently spoke with UK publication Autocar about the acquisition, telling it why he decided to buy Moke in particular. "I'm a massive petrolhead - I love cars; I love racing them - but I realize we need to make the transition to EVs. If you love cars and you love driving them for a different reason than going from A to B, there are almost no electric vehicles out there to buy."
Witvoet is right. Porsche's Taycan is an electric car that is about more than just transport, and so is the Rivian R1T, but each is easily a six-figure car. Moke's pricing is much more accessible. A Moke starts at around $22,000 USD.
"The reason I started the company was with a mission to electrify iconic brands that promote the joy of motoring. And we'd like to create cars that you want to drive for more than just going from A to B," Witvoet continues.
The idea behind the group is solid. EVTG seems set to continue to acquire more small-size automotive brands. Witvoet says he won't say which, only that he will decide which ones he sees as "iconic." With more brands under the group's umbrella, each can lean on the larger group as a whole for stability. This kind of strategy, albeit modest is what led to the success of Volkswagen Auto Group and General Motors decades ago.
We've seen volatility from standalone brands, which further enforces this logic. Rivian has struggled with supply chain issues, slashing its production by half with more looming layoffs. Even mighty Ford has seen its share of issues. Whether that will be the case for the Mini Moke remains to be seen.