Entrepreneurship Zone: 13 April 2021: Kwekwe-based carmaker secures US$1 mil deal with US firm

Tue Apr 13 08:35:27 CAT 2021

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Entrepreneurship Zone: 13 April 2021: Kwekwe-based carmaker secures US$1 mil deal with US firm

 <https://www.firstmutual.co.zw/> 

Hende Moto, a Kwekwe-based carmaker, has secured a deal with US-firm Max Sound Corporation which will see the latter providing high definition audio equipment for the former’s vehicles.

“We have the worldwide rights for high-definition audio, an audio where somebody, when driving will have good music sound and our technology, provides that to every vehicle they are going to be producing. Every audio they are going to have available will be utilising our technology.”

Greg Halpern, Max Sound Corporation CEO via The Chronicle

If you haven’t heard of Hende Moto before, I am right there with you because this is the first time I am coming across them. The company reportedly assembles 3-wheel vehicles which look identical to Tuk Tuks. Hende Moto imports the vehicles 75% completed and then finishes the job locally. The deal between Hende and Max Sound Corp is reportedly in the region of US$1 million and might rise to as much as US$10 million.

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On top of the audio equipment the deal is said also to include the development of hybrid and electric vehicle capacity.

“As Hende Moto, we are moving towards the production of electric vehicles so that Zimbabwe and Africa at large are not left behind in terms of offering technology and this also precludes the dumping of cheap imported goods like vehicles by the developed world to Africa.”

Dr Devine Mafa, Hende Moto CEO

If all goes well with this one we could see an electric car plant in Kwekwe which would be a step in the right direction for the vehicle assembly industry in Zimbabwe.-techzim

Invest Wisely!

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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