SEOUL, SOUTH KOREA / ACCESSWIRE / January 6, 2016 / Leo Motors Inc. (OTCQB: LEOM) hosted a meeting with Mr. Yingzhong Yuan, Vice Mayor of Fushun Municipal People's Government in the Liaoning Province of China. Four high ranking Fushun government officials accompanied the Vice Mayor. LEO's electric bus and truck manufacturing facilities are to be built in Fushun City.
This visit is meaningful because China has mandated beginning this year (2016) fifty percent (50%) of all new government vehicle purchases are to be electric powered in order to fight pollution and cut energy use. The mandate is facilitated by an exemption from sales tax.
LEO's electric cars and boats will be sold to government offices in three Northeastern Provinces of China (Liaoning, Jilin and Heilongjiang) encompassing Eastern Inner Mongolia.
LEO Executives and Chinese Government Officials
LEO demonstrated its proprietary electric vehicle technology for the visiting officials including a providing a demonstration ride on LEO's electric boat.
Leo has joint venture agreement with Fushun Jinyuan Technology Machinery Manufacturing Co., Ltd. ("JTY" or "Jinyuan") creating a Joint Venture Company ("JVC") in Fushun City in to develop, manufacture, and sell electric vehicles for Chinese and international markets.
In spite of the central government's mandate, there are very few electric vehicles in three Northeastern Provinces because of the extremely cold winters, at times dropping below -22 degrees F. In such cold temperatures traditional batteries do not function, making electric vehicles useless. LEO has solved the cold region problem with its recently invented electric vehicle battery power pack using Carbon Nano Tube (CNT) Technology that is fully functional and supplies full power in low temperatures (under -49 degrees F) without any capacity or power loss.
Dr. Kang, CEO of Leo Motors commented, "City government officers were satisfied with our technology. This visit will make our marketing to the Chinese government easier."
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SOURCE: Leo Motors