Dynasty Electric Car Corp. has accepted an offer from Pakistani-based auto manufacturer Karkoram Motors Ltd. to buy its Delta design and manufacturing operations.
Dynasty, a subsidiary of Delta's Commercial Body Builders Ltd., didn't release figures on the dollar value of the sale, but it said lower sales and a stronger loonie contributed to its decision.
Karkoram said it plans to sell the battery-operated fibreglass cars in the U.S. and Europe and increase annual production to 5,000 units.
Dynasty, which has been producing electric cars since 2001, said it wasn't generating enough revenue selling only 30 to 40 cars a year for $16,000 each.
Once the purchase is complete, Dynasty's facilities and employees will be transferred to Commercial, a manufacturer of specialty equipment for trucks.