ELMO Rent decided to establish a subsidiary in France, ELMO Technologies France Sarl
The Advisory Board of Elmo Rent AS decided (on 20.01 meeting) to establish a 100% owned subsidiary in France, ELMO Technologies France SARL. The purpose of the establishment is to purchase new electric cars, including the Premium class, and to sell them to a larger purchase market when changing the vehicle fleet. Buying from the larger Central European market will alleviate today's long delivery times for new cars, which will directly affect the company's sales growth.
In addition, the establishment of a subsidiary in France is supported by the potential to offer ELMO Rent's developed remote control car technology to local carmakers (Renault, Peugeot accounts for 31% of Elmo Rent's current vehicle fleet) and to transport sector companies.
Enn Laansoo, Jr.
Chairman of the Advisory Board