ECD Automotive Design CEO & Co-Founder Publishes Open Letter Outlining Company’s Strategy

Leveraging First Mover Advantage and Public Listing to Lead the “Restomod” Ecosystem

KISSIMMEE, Fla., Jan. 03, 2024 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (“ECD” or the “Company”) (NASDAQ: ECDA), an industry leader in delivering restored, modified and electrified Land Rover Defenders, Jaguars, and other classic and collectible automobiles, today announced that its co-founder and chief executive officer, Scott Wallace, published an open letter outlining the Company’s strategy. The text of the letter is below.

Dear Fellow Stakeholders,

This is an exciting time, not just for the founders, team members, and shareholders of ECD Automotive Design, but for gearheads everywhere. We founded ECD ten years ago over a beer and based on a shared passion for restoring and modifying (“restomod”) classic automobiles. What started as a project of passion has evolved into a rapidly growing and profitable enterprise that is a leading restomod company today. Our public listing on the Nasdaq in December of 2023 speaks to how far we’ve come in such a short time.

But we are just beginning. To be sure, this is a niche industry today – we cater to the top 1% of the super wealthy. But in many ways, we don’t just sell automobiles. We sell an immersive, interactive experience. While customers may love the nostalgia of a 25-year-old Land Rover Defender, they require modern amenities, such as navigation systems, wireless charging, and even electric propulsion, to meet today’s needs. Beyond that, our customers want the ability to personalize their purchase. We deliver a truly one-of-one experience, enabling customization of nearly every aspect of the vehicle with unrivaled transparency into the process every step of the way. This is one of the reasons why 20% of ECD’s new vehicle sales are with existing customers.

ECD has turned the auto industry operating model on its head by being fervently client focused. Our customers and their vehicles are at the center of everything that we do. ECD delivers a luxurious experience for the customer that provides the highest quality standards of design and safety, all while enabling robust gross margins and consistent profitability. In fact, we have developed a process around this very simple concept. Whether a build includes a GM V8 LT4 650 horsepower engine, a Cummins diesel engine, or a custom electric propulsion platform, our process remains the same, methodically moving projects through a standardized series of processes. We accomplished this for Land Rover Defenders, then adding other Land Rover models and, most recently, Jaguar E-Types. Our goal is to do the same for American muscle cars, German roadsters, Italian sports cars and other classic models. Stay tuned.