Benzinga | Sep 22, 2021 08:10AM EDT

Motorcar Parts Of America Reports Its D&V Electronics Subsidiary Established Non-Exclusive Strategic Distribution Partnership With TECTRA, No Terms Disclosed

Motorcar Parts of America, Inc. (NASDAQ:MPAA) today announced its wholly owned subsidiary D&V Electronics, based in Woodbridge, Ontario, has established a non-exclusive strategic distribution partnership with TECTRA a.s. to leverage this Prague-based organization's position in the European testing solutions market.

"The partnership enhances our presence within the Czech Republic and leverages D&V's reputation for leading-edge testing and diagnostic equipment utilized in the development and production of electric vehicles," said Selwyn Joffe, chairman, president, and chief executive officer.

"Expanding our global presence through commercial distribution partnerships complements our ongoing strategic growth initiatives and provides strong local support for our products and services. We look forward to working with TECTRA a.s. to take advantage of the exciting opportunities in the Czech Republic," said Bill Hardy, chief executive officer of D&V Electronics.

"With the ongoing transformation of the automotive industry, we are extremely excited to establish a partnership with D&V Electronics. D&V Electronics and TECTRA a.s. share the same vision to expand our presence in Czech Republic. With the rapid adoption of electric and autonomous vehicles, we see immense growth opportunities for both companies," said Zbynek Sommer, managing director of Tectra a.s.