ECD Auto Design Announces Record Sales Price for a Custom Defender

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Feb 22, 2024, 07:00 ET

KISSIMMEE, Fla., Feb. 22, 2024 /PRNewswire/ -- ECD Automotive Design Inc. ("ECD" or the "Company") (NASDAQ: ECDA), an industry leader in delivering restored, modified and electrified Land Rover Defenders, Jaguars, and other classic and collectible automobiles, today announced a recent sale of a highly customized Electric Land Rover Defender 90 for more than $400,000, the highest sales price to date and more than 20% above the Company's historical average selling price.

The sale above the $400,000 threshold demonstrates the continued inclusion of value-added features, luxury appointments, and quality of life enhancements that are embraced by affluent customers.

The fully customized, 'one-of-one', EV Defender 90 has a soft-top and is outfitted with a second-generation fast charge EV system. The vehicle features also include upgraded air suspension, a wide body kit, a classic dash, and an interior with Spinneybeck leather features and Recaro electric racing seats.

"This Defender is a true work of art for a highly discerning client," commented Scott Wallace, ECD's Chief Executive Officer. "We provided the client with a highly immersive experience where they drove the design process – not us – selecting from a near limitless range of features, upgrade options, and additional luxury touches that reflected their individual personality and lifestyle. The result was a Defender 90 with an advanced, second-generation EV powertrain, making it environmentally friendly and powerful, in a breathtaking package."

Added Wallace, "Choice and customization are the key drivers of our unit economics. The more choice and customization we provide to customers, the more value we provide customers and the higher ASP we can command. This drives incremental profitability for our business. Our customers are eager for luxury appointments and performance enhancements, and we are committed to meeting this demand with the highest quality components and features."

In the coming months, ECD will introduce additional options including new axle upgrades with enhanced performance, retractable side steps, rear in-car entertainment packaged in a new console surround similar to Tesla as well as an electric folding roof system.

About ECD Automotive Design
ECD is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic and the Jaguar E-Type. Each vehicle produced by ECD is fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence ("ASE") craftsmen. The Company was founded in 2013 by three British "gear heads'' whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD's global headquarters, known as the "Rover Dome," is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 80 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication and on the current expectations of ECD's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of ECD. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that ECD do not presently know, or that ECD currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect ECD's current expectations, plans and forecasts of future events and views as of the date hereof. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors of ECD described in the preliminary prospectus contained in the Form S-1 registration statement that ECD filed with the SEC, including those under "Risk Factors" therein. ECD anticipates that subsequent events and developments will cause its assessments to change. However, while ECD may elect to update these forward-looking statements at some point in the future, ECD specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing ECD's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:

ECD Automotive Design
Scott Wallace, CEO
investorrelations@ecdautodesign.com

FNK IR
Rob Fink or Matt Chesler, CFA
ecda@fnkir.com
646-809-4048 / 646-809-2183

SOURCE ECD Automotive Design