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Hong Kong watchmaker snaps up 'Japan's Tesla' for $114mn

O Luxe to buy Japanese electric car startup GLM

The GLM G4 electric supercar, launched at the Paris Motor Show in October 2016, is viewed as Japan's response to U.S. luxury electric vehicle maker Tesla. (Photo courtesy GLM)

HONG KONG -- Watchmaker O Luxe Holdings said on Sunday it will buy Japanese electric vehicle startup GLM for about 896 million Hong Kong dollars ($114 million).

O Luxe will acquire 85.5% of GLM's outstanding shares.

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