Karma Automotive Adds Karma Israel To Expand Its Global Dealership Presence

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Jul 12, 2021, 12:47 ET

IRVINE, Calif., July 12, 2021 /PRNewswire/ -- Karma Automotive announced today that it welcomed its first retail partner in the Middle East, Karma Israel.

Karma Israel will sell vehicles as part of Metro Motor Ltd., which is one of the largest importers of automotive business in Israel. Established in 1981, they have gone beyond EVs and developed a vast expertise in determining new vehicle trends in the Israeli market which also includes sales of electric motorcycles, scooters, ATVs and jet skis.

Karma Automotive Adds Karma Israel to Expand Its Global Dealership Presence

"We are extremely excited to welcome Karma Israel to the Karma family as we continue growing our global retail network," said Joost de Vries, Karma's Vice President of Global Sales and Customer Experience. "Metro Motor gives us entry in the growing electric vehicle market in the Middle East as we ramp up sales of our GS-6 Series luxury sedan."

In addition to Karma Israel, Karma Automotive welcomed new retailers in Nashville Tennessee and Bellevue Washington in 2021.

"It is our honor to have Metro Motor join the Karma dealership network and introduce Karma EVs to clients in this fast adapting and growing Israeli market," said Mr. Tomer Komerov, the CEO of Metro Motor. "Israelis will no longer be able to buy new gasoline or diesel-powered vehicles after 2030. Working together with Karma, we are confident that we are providing the best-of-the-best electric vehicles that our clients desire to have."

Karma Israel, Metro Motor Marketing (1981) Ltd. is located at 18 Atirey Yeda St. Kfar Saba, Israel, and can be reached online at https://www.metro.co.il/.

For more on Karma Automotive and the global retail network, please visit http://karmanewsroom.com.

ABOUT KARMA AUTOMOTIVE

Karma Automotive, founded in 2014, is a southern California based producer of luxury electric vehicles. Headquartered in Irvine, California with a production facility located in Moreno Valley, Karma sells vehicles via its dealer network in North America, Europe, South America and the Middle East. Karma's Innovation and Customization Center, which opened in 2017 offers world-class engineering, design, customization, and manufacturing services along with electrification platforms. Karma's Revero® GT, Green Car Journal's 2020 Luxury Green Car of the Year™, is an electric vehicle powered by dual electric motors that embodies Karma's goal of offering leading technology with a luxury experience. In 2021 Karma announced the GS-6 Series which include both an extended-range series hybrid EV and their first-ever all-electric vehicle. Every Karma vehicle is created with unparalleled individual care and craftsmanship.

For more information, visit www.karmaautomotive.com, or www.karmanewsroom.com.

KARMA AUTOMOTIVE SAFE HARBOR DISCLOSURE

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include Karma Automotive's expectations. Forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although Karma believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the automotive industry, competition in certain markets, the volatility of battery prices, failure of customers to perform under contracts, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects. Karma Automotive undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause Karma's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Karma Automotive's future results.

SOURCE Karma Automotive