Karma Automotive announced today the company has joined The Climate Pledge, committing to become net carbon neutral by 2040. This commitment encompasses its production facility, supply chain partners and product lineup which includes vehicles powered by both hybrid and pure electric powertrains and propulsion systems.
Karma continues to align with partners that share the same philosophy on protecting the environment and investing in research and development projects that have a positive effect on the planet. Karma looks forward to collaborating with other Climate Pledge signatories on research and the development of green technologies in the automotive space to advance and attain the goal of becoming net carbon neutral. As part of The Pledge, Karma will employ the organization's collaborative Scope 3 reporting system and shares regular status updates with the World Economic Forum.
"We would like the community to work towards action and to use this platform for true change and show a true commitment to the environment," said Dr. Lance Zhou, Karma Automotive CEO. "We would like The Climate Pledge to continuously challenge those in the community to meet and exceed their goals."
ABOUT THE CLIMATE PLEDGE FUND
In June 2020, Amazon announced The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. The Climate Pledge Fund is a corporate venture capital fund that invests in companies that can accelerate Amazon's path to meeting The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—will invest in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy.
KARMA AUTOMOTIVE SAFE HARBOR DISCLOSURE
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include Karma Automotive's expectations. Forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although Karma believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the automotive industry, competition in certain markets, the volatility of battery prices, failure of customers to perform under contracts, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects. Karma Automotive undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause Karma's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Karma Automotive's future results.