The maker of Sea-Doo announced that they have agreed to acquire Great Wall Motor Austria GmbH- an advanced EV research and development facility controlled by parent company Great Wall Motor of Baoding, China. With a market cap of over 16.6 billion USD, Great Wall Motor controls over 70 subsidies and employs nearly 60,000 people.
Based in Kottingbrunn, Austria, Great Wall Motor’s Austrian R&D division specializes in designing e-propulsion systems and associated controls for deployment across the EV industry. Current employees at the Austrian facility will be offered continued employment with BRP as part of the agreement.
“We look forward to welcoming the 53 very qualified and experienced engineers, technicians and professionals as we continue reinforcing our EV expertise required to deploy our ambitious strategy. This acquisition will further strengthen our know-how in e-motor, inverter hardware and software development,” said Thomas Uhr, chief technology officer at BRP, in a statement originally published by PowerSports Business.
BRP, publicly traded on the Nasdaq (DOOO), was up nearly 7% after the announcement. BRP’s portfolio of products includes Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercraft and pontoons, Can-Am vehicles, Alumacraft, Quintrex, and Manitou boats, as well as Rotax propulsion systems for marine, kart, and recreational aircraft.
The transaction is subject to closing conditions and Austrian regulatory approvals, and is anticipated to close in Q2 2023.
We have entered into a definitive agreement to acquire Great Wall Motor Austria, a leading EV R&D centre based in Kottingbrunn, Austria.
Read more : https://t.co/ycycSM6dnL pic.twitter.com/YvTXQts27n— BRP (@BRPnews) July 7, 2022
