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Motorcar Parts of America’s Subsidiary D&V Electronics Establishes Distribution Partnership to Accelerate Electric Vehicle Testing Solution Sales in European Market
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Motorcar Parts of America (Nasdaq:MPAA) announced a strategic distribution partnership between its subsidiary D&V Electronics and TECTRA a.s., aiming to strengthen its presence in the Czech Republic's testing solutions market. This partnership is expected to leverage D&V's advanced testing equipment for electric vehicles, aligning with the automotive industry's shift towards electrification. Both companies anticipate significant growth opportunities stemming from this collaboration, particularly in the rapidly evolving electric and autonomous vehicle sector.
Positive
Strategic partnership with TECTRA a.s. enhances market presence in Czech Republic.
Leverages D&V Electronics' reputation in electric vehicle testing solutions.
Potential for growth driven by demand for electric and autonomous vehicles.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Motorcar Parts of America, Inc.(Nasdaq:MPAA) today announced its wholly owned subsidiary D&V Electronics, based in Woodbridge, Ontario, has established a non-exclusive strategic distribution partnership with TECTRA a.s. to leverage this Prague-based organization’s position in the European testing solutions market.
“The partnership enhances our presence within the Czech Republic and leverages D&V’s reputation for leading-edge testing and diagnostic equipment utilized in the development and production of electric vehicles,” said Selwyn Joffe, chairman, president, and chief executive officer.
“Expanding our global presence through commercial distribution partnerships complements our ongoing strategic growth initiatives and provides strong local support for our products and services. We look forward to working with TECTRA a.s. to take advantage of the exciting opportunities in the Czech Republic,” said Bill Hardy, chief executive officer of D&V Electronics.
“With the ongoing transformation of the automotive industry, we are extremely excited to establish a partnership with D&V Electronics. D&V Electronics and TECTRA a.s. share the same vision to expand our presence in Czech Republic. With the rapid adoption of electric and autonomous vehicles, we see immense growth opportunities for both companies,” said Zbynek Sommer, managing director of Tectra a.s.
ABOUT D&V ELECTRONICS
Founded in 1997 and acquired by Motorcar Parts of America in 2017, the electrical vehicle testing subsidiary, with customers in more than 80 countries, designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.dvelectronics.com.
ABOUT TECTRA A.S.
Founded in 1990, TECTRA a.s. provides testing solutions and services for customers in Central and Southeastern Europe -- including The Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Serbia, Monte Negro and Macedonia. Additional information is available at www.tectra.cz and www.tectra.com.
ABOUT MOTORCAR PARTS OF AMERICA
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2021 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
Motorcar Parts of America announced a strategic partnership between D&V Electronics and TECTRA a.s. to enhance their presence in the Czech Republic's testing solutions market.
How will the partnership with TECTRA a.s. impact MPAA?
The partnership is expected to increase MPAA's market share in electric vehicle testing solutions, capitalizing on growth opportunities in a transforming automotive industry.
What is D&V Electronics' role in the partnership?
D&V Electronics will utilize its advanced testing and diagnostic equipment for electric vehicles in collaboration with TECTRA a.s. to capture market opportunities in the Czech Republic.
When was the partnership between MPAA and TECTRA a.s. announced?
The partnership was announced on the date of the press release, which was undisclosed in the provided information.
What are the growth opportunities associated with the MPAA partnership?
The partnership aims to explore growth potential in the electric and autonomous vehicle sectors within the Czech Republic.
