Carasso, Renault to service Better Place cars

The court ruled Renault and importer Carasso will maintain the 900 electric cars sold by Better Place before it went bankrupt.

Renault SA (Euronext: RNO) and its Israeli importer Carasso Motors Ltd. (TASE: CRSO) will provide Better Place customers with maintenance services, the Lod District Court ruled on Wednesday. The companies will be responsible for the 900 Fluence ZE electric cars sold by Better Place before it went bankrupt in May.

Better Place Israel's special managers told the court about the agreement they reached a day before the hearing with representatives of Renault and Carasso. Under the deal, Carasso Motors will assume full responsibility for the maintenance of the Fluence ZE cars, as Renault's official importer. Renault will provide the necessary technical support for operating the electric cars.

In addition, Carasso Motors will buy from Better Place's liquidators 359 unsold Renault Fluence ZE cars. Some of the cars, after roadworthy tests, will be made available for sale in Israel. Better Place's special managers will be paid NIS 5.9 million for the assets purchased.

Carasso Motors CEO Itzik Weitz said, "In the absence of a solution for Better Place's customers, the company has agreed to help provide a solution for the distress of the electric cars' owners, and to ensure the maintenance of Renault Fluence ZE cars. We will keep our policy of providing high-quality services to our customers, whether the cars have gasoline, diesel, or electric engines."

Published by Globes [online], Israel business news - - on November 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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