SERES Closes Acquisition of Commercial Automotive Assembly Plant in Indiana
November 2, 2017
SANTA CLARA, Calif., Nov. 2, 2017 /PRNewswire/ -- SERES, a Silicon Valley electric vehicle (EV) company, today announced that the acquisition of AM General's commercial assembly plant ("CAP") has closed. SERES, which is the only EV company to establish its own U.S. and Chinese manufacturing capabilities, will use the plant for upcoming North American EV production as part of its global strategy to provide a new line of premium EVs. With this acquisition, SERES gains not only the commercial real estate, production facility and equipment from AM General, but also a talented and dedicated workforce with experience producing premium vehicles for manufacturers such as Mercedes-Benz and Hummer. The acquisition plan was announced in June and the deal closed on schedule.
As part of the closing, SERES plans to retain all of the current CAP employees through several phases, and is expected to preserve approximately 430 American auto worker jobs, which would have otherwise been lost once their current contract expired later this year.
As of the beginning of November, SERES has been working on the rollout of hiring plans. Xinghai Zhang, Chairman of Sokon Industry Group (SERES' parent company), said, "SERES values the employees of the South Bend-Mishawaka facility, as their experience and knowledge is invaluable and will greatly benefit the future products of our company, ensuring we deliver quality electric vehicles to U.S. customers. The first car from SERES will be made in Indiana. SERES' culture values communication, cooperation and collaboration. We are excited to have the opportunity to welcome them to the SERES family."
SERES is also committed to supporting the economies of the South Bend-Mishawaka region and state of Indiana, which includes a significant investment in key upgrades to the CAP, and establishing worker-training programs. Specific details of the planned upgrades, retooling and training programs will be announced in the upcoming months.
"Today's announcement is a critical step toward a steady and growing workload at the Mishawaka commercial assembly plant. I am glad to see this transition is taking place on schedule, and I look forward to working with SERES to ensure the facility reopens as quickly as possible so employees can return to work," said Jackie Walorski, Indiana's Second District Representative. "This long-term investment in our community is a sure sign that the Hoosier workforce is second to none and northern Indiana will remain at the forefront of American manufacturing and innovation."
This acquisition builds on SERES’ recent purchase of InEVit, an EV battery modularization startup headed by industry leader and Tesla Co-Founder, Martin Eberhard.
Headquartered in Silicon Valley with facilities across the world, SERES is uniquely poised to deliver intelligent EVs to a broader market. We are the only pure EV provider to wholly control and operate production facilities in both the U.S. and China. Our R&D centers in the U.S., Germany, China, and Japan are focused on creating the next generation of EV technology. We plan to share these capabilities to help the entire industry thrive. More information about SERES is available at www.driveseres.com.
SERES (347) 536-6188