Sojitz Corporation (“Sojitz”) has acquired a 49% stake in Pongo AS (“Pongo”), a holding company of Gill Gruppen AS (Head Office: Norway; “Gill Group”), which owns multiple subsidiaries that serve as EV brand distributors under the umbrella of the Gill Group.

Through this investment, Sojitz will enter the specialized multi-distributor business for EVs in Norway, which is the world’s leading market in EVs. In Norway, EVs accounted for over 90% of new car sales at the end of 2022. Norway is one of the most advanced EV markets in the world, and the Norwegian government has announced that it will ban sales of gasoline, diesel, and plug-in hybrid cars in 2025. Gill Group has over 80 years of retail experience in automotive sales and possesses a strong sales and service network with expertise in car sales and marketing. Sojitz seeks to expand sales of EVs and EV-related business fields with the aim of improving operational efficiency and business value by leveraging the experience it has acquired from operating distributors, dealerships, after-sales service businesses, and car financing businesses globally.