EZGO Technologies To Co-Manufacture Reverse Trike Vehicles With SilverLight

EZGO Technologies Ltd (NASDAQ:EZGO) has partnered with SilverLight Electric Vehicle Inc, also known as 808 Renewable Energy Corp (OTC:RNWR), a Florida-based electric reverse-trike vehicle and low-speed electric vehicle manufacturer.
The term of the strategic cooperation agreement is ten years and will renew for another ten years. The financial terms of the deal were not disclosed.
EZGO will co-manufacture various frames for gyroplane and electric reverse-trike vehicles designed by SilverLight and handle chassis assembly.
Reverse trikes are three-wheeled vehicles, distinguished by their two front wheels and one rear wheel.
As per the tri-parties agreement, EZGO will start the trial production phase in late 2021 with a target output of 100 gyroplanes and 2,000 electric reverse trike vehicles by 2022.
Price Action: EZGO shares traded lower by 4.76% at $3.20 on the last check Wednesday.