Kintyre Holdings Jamaica is entering the electric vehicle market through a strategic partnership with Florida-based company Rush Hour Engineering.
The venture will be executed through Kintyre's subsidiary, Affinity Ventures Group, with the automotive business operating under the brand Affinity Automotive Group.
Under the arrangement, Kintyre Holdings will hold a majority stake in the Caribbean dealership operation, which will lead the rollout and expansion of the electric vehicle brand across the region, beginning in Jamaica.
The partnership will focus on the distribution of electric vehicles manufactured by Chinese company Jiangxi Jiangling Group Electric Vehicle Company, known as JMEV.
Deputy Chief Executive Officer and Chief Investment Officer Adrian Smith says the move will help diversify the company's revenue streams and establish an early presence in what is expected to be a growing Caribbean electric vehicle market.
For the first quarter ended March 31, the company reported net profit of more than $531 million, driven mainly by gains from its real estate portfolio.
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