Element Announces Collaboration with BYD

TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) ("Element" or the "Company"), the largest publicly traded, pure-play automotive fleet manager in the world, today announced it has commenced operations in its newest global location in Singapore. This expansion marks a significant milestone in Element's ongoing strategic initiative to enhance its global procurement capabilities and strategic sourcing relationships in Asia. In line with this expansion, Element is also pleased to announce it has entered into a collaboration agreement with BYD, the world's leading new energy vehicle (NEV) manufacturer and power battery supplier.

Element's newly formed relationship with BYD reinforces a shared commitment to advancing sustainable, zero-emission solutions in the fleet management industry. It also complements the Company's global alliance with Arval, further demonstrating Element's dedication to promoting decarbonization efforts worldwide.

"Establishing our presence in Singapore and partnering with a global leader like BYD underscores our commitment to innovation and sustainability in fleet management in Asia and across the world," said Laura Dottori-Attanasio, President and Chief Executive Officer at Element. "These efforts mark an important step forward for Element as we strengthen our capabilities to meet the growing global demand for decarbonization solutions in the fleet industry."

We are excited to partner with Element as we pursue shared goals in reducing the carbon footprint of the automotive industry," commented Stella Li, Executive Vice President and CEO of BYD Americas. "Our collaboration agreement is more than just a business partnership; it's a commitment to drive change and lead the way towards a more sustainable future."

Leading Element's operations in Singapore is newly appointed Christine Lee Barber, Head of Asia Operations. Lee Barber, who has in-depth knowledge and expertise within the region, will be accountable for strategic sourcing and relationship management in order to solidify and expand Element's relationships with Asian-based original equipment manufacturers (OEMs).

"We are pleased to welcome Christine to our new Singapore operations," commented Dottori-Attanasio. "Her exceptional background, leadership, and deep understanding of the Asian market will be instrumental in building new relationships in a region with tremendous growth opportunities and forging new paths for our sustainable fleet management initiatives."

The Company remains committed to solidifying its position as a leader in sustainable fleet management and to finding new ways to reduce emissions and promote a more sustainable future for all.

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients ? corporations, governments, and not-for-profits ? across North America, Australia, and New Zealand. Element's services address every aspect of clients' fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit www.elementfleet.com. 

This press release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element's performance to be materially different from current expectations. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with Element's future outlook can be found in Element's annual MD&A and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5bf59a9c-a899-4de2-a07a-cf3a5e73f46e