Smith Electric Vehicles inks deal with Wanxiang in China

Feb. 22, 2012

Smith Electric Vehicles Corp. (Smith) recently announced that it has signed a letter of intent with Wanxiang Group to develop, manufacture and commercialize all-electric school buses and commercial vehicles for multiple industries in China. 

The agreement includes a $25 million equity investment in Smith by Wanxiang and up to a $75 million investment in a joint venture between Smith and Wanxiang.  The new vehicles will combine Wanxiang’s electric vehicle component technologies with Smith’s proprietary platform vehicle designs, including its Smith Drive and Smith Power systems. The vehicles will carry the Smith nameplate.

“Wanxiang’s high-quality precision manufacturing capabilities and purchasing relationships bring significant value to our business in our current stage of development,” said Bryan Hansel, CEO & 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.”

Both the investment and the joint venture are subject to the execution of definitive agreements and receipt of regulatory and other third party approvals.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!