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

  • Cubic and Calgary Parking Authority collaborate on parking
    November 25, 2014
    Cubic Transportation Systems and the Calgary Parking Authority (CPA) of Calgary, Canada have signed a letter of intent for global collaboration to deliver transit and municipal parking solutions leveraging CPA-developed technology. The agreement is among the first of its kind in the parking industry between the public and private sectors. The CPA has developed an innovative, customer-focused parking solution called the ParkPlus system for on and off-street applications by fusing together smart technolog
    Read More
  • Over 100 micro-mobility vehicles will be launched by 2018
    April 11, 2012
    As the cost of global congestion inches towards the $1 trillion mark, key economies including Europe, North America, Japan and China amongst others prepare for a green-commute blueprint. Some 16 of the key automotive OEMs are working on more than 110 short distance vehicles, with approximately 50 models being already production ready. The remaining 60 are in concept stage, but expected to become production ready by 2020. The emergence of such micro-mobility vehicles is expected to fight congestion, ease par
    Read More
  • Australian tolling industry debates tag replacement
    June 11, 2014
    Australia’s 2014 National Electronic Tolling Conference (NeTC) inspired lively debate among the 130 delegates about tackling the need to replace seven-plus million tolling tags that are reaching the end of their life. In his opening address, Australian Toll Road Users’ Group Chair Rex Wright said the industry was potentially facing a US$94 million bill over the next five years to replace old tags. As Australian tolling authorities operate a harmonious national tag system, all toll operators are committed
    Read More
  • Q-Free reports increased revenue, major tag order
    August 14, 2014
    Q-Free has been awarded an order for OBU610 tags from Roads and Maritime Services (RMS) in Australia at a value of US$2.4 million, to be delivered within the second quarter of 2015. “Q-Free has supplied more than two million tags to RMS, representing an important basis for our activity in Australia. We are pleased to see the continued strength of this particular relationship and of our competitiveness in the Australian market,” comments Q-Free CEO Thomas Falck. Q-Free also reported increased revenues
    Read More

Highlighted Content