Why Saleen Automotive Inc (OTCMKTS:SLNN) Shares Surged 50%

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Saleen Automotive Inc (OTCMKTS:SLNN) shares surged 50% to $0.00030 on Monday and were flat in after-hours trading. The company has a market cap of $621,645.00 at 1.23 billion shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.00.

Saleen Automotive Inc is  a vehicle design, engineering and manufacturing company. As such, it designs, develops, manufactures and sells high performance vehicles built from the base chassis. Its products include a productline of muscle cars, performance cars, automotive aftermarket specialty parts and lifestyle accessories and it also provides products and services including: High Performance Cars, Performance Parts, American Supercars, Saleen Tesla, and Motorsports & Engineering Services.

In a press release on Monday, Saleen Automotive Inc announced the return of the Saleen S7 LM.  This unit hasn’t been produced since 2009 but has been dubbed America’s true supercar by its CEO Steve Saleen. This limited edition model will was announced to celebrate the company’s 20th anniversary of its 7-year consecutive run of racing championships from 1996 through 2002.

We are celebrating our winning heritage and advancing the performance DNA that Saleen was built around,” remarked Saleen Automotive Inc President and CEO Steve Saleen.

The vehicle will feature a unique livery, wheel, interior and functional performance enhancements and will actually boast a power upgrade from the original Saleen S7. Also, the unit will still be powered by a 7.0-liter twin-turbo engine, but now it is rated at 1,000 horsepower compared to the previous 750-hp offering. These vehicles will be hand-built at Saleen Automotive Inc’s plant in Corona, California.

This Saleen S7 vehicle was initially unveiled in Monterey and labeled as America’s Supercar since itis the most successful supercar model ever. However, the company has been mired in a lot of legal battles back then before Steve Saleen was able to reacquire the legal rights to the name in 2012.GA  Global Partners auctioned off the assets and intellectual property for some vehicles but the company got its hands back on the S7 recently.

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