Smith Electric Vehicles attracts Chinese investment

Smith Electric Vehicles Corporation, a specialist in all-electric commercial vehicles, has signed a letter of intent with Wanxiang Group, an automotive parts manufacturing and supplier.
March 13, 2012 Read time: 2 mins
3822 Smith Electric Vehicles Corporation, a specialist in all-electric commercial vehicles, has signed a letter of intent with 3823 Wanxiang Group, an automotive parts manufacturing and supplier. The principal terms include a US$25 million equity investment in Smith by Wanxiang and up to a $75 million investment in a joint venture between Smith and Wanxiang to develop, manufacture and commercialise all-electric school buses and commercial vehicles for multiple industries in China. Under the Smith brand, these vehicles will combine Wanxiang’s EV component technologies with Smith’s proprietary platform vehicle designs, including its Smith Drive and Smith Power systems. Both the investment and the joint venture are subject to the execution of definitive agreements and receipt of regulatory and other third party approvals.

“Wanxiang’s high quality precision manufacturing capabilities and purchasing relationships bring significant value to our business in our current stage of development,” commented Bryan Hansel, chief executive officer and chairman of Smith. “Wanxiang is one of China’s most respected companies and we look forward to a long, mutually beneficial relationship that advances the global commercial electric vehicle industry.”

“Smith’s market leadership in the U.S. and Europe bring valuable experience and technology to address the significant opportunity for all-electric commercial vehicles in China," said Pingyi Li, the executive director of Wanxiang EV Co. Ltd. "Working together, we see tremendous opportunity to serve this growing market and to leverage volume and cost synergies back into Smith’s global business. We are pleased to have them as our partner."

For more information on companies in this article

Related Content

  • Atlanta ponders Mobility as a Service for seamless transit
    June 29, 2018
    Drivers in Atlanta spent 70 hours in peak-time traffic jams last year. As the MaaS Market conference moves to the US’s fourth most congested city, we ask how Mobility as a Service can help. Colin Sowman winds down his window to listen. It is not by accident that ITS International’s first MaaS Market conference outside London is being hosted in Atlanta. The event is being supported by Georgia State Road & Tollway Authority and the City of Atlanta – and again not without a reason as metro Atlanta is looking
    Read More
  • TAPCO acquires Hawkins Traffic Safety Supply
    March 10, 2015
    Traffic and Parking Control (TAPCO) has increased its product offering with the acquisition of California-based traffic industry manufacturer and supplier Hawkins Traffic Safety Supply, now operating as Hawkins Traffic, a division of TAPCO. TAPCO believes synergies between the two companies will better serve its customers nationally, while providing those on the west coast with additional traffic and parking control options. Hawkins has been manufacturing traffic control products for seven decades and will
    Read More
  • Thales builds on Canadian connection for transit R&D
    June 20, 2016
    The Canadian province of Ontario is continuing to benefit from its ongoing investment in transit R&D. David Crawford looks at the impact of new investment. Developing the next generation of urban rail signalling solutions worldwide, with the emphasis on transit security and efficiency, is the goal of a recently-created business partnership between the government of the Canadian province of Ontario and Thales Canada. The wholly-owned subsidiary of the France-HQ'd global defence, aerospace and transportation
    Read More
  • NMIS continues global expansion strategy
    December 18, 2013
    UK company Newpark Mats and Integrated Services (NMIS), part of Houston-based Newpark Resources and a worldwide provider of ground protection solutions, is continuing its expansion strategy with the acquisition of today of its UK distributor, Oxfordshire-based Terrafirma Roadways (TFR). The gives the company a stronger foothold in the UK and Europe and will be supported by increased production capacity at the company’s Louisiana based manufacturing plant, where Newpark recently announced a US$41.1 millio
    Read More

Highlighted Content