UQM JOINS FORCES WITH CHINESE COMMERCIAL VEHICLE MANUFACTURER CNHTC
Electric motor manufacturer Motor UQM Technologies (NYSE MKT: UQM) has entered into a stock purchase agreement with China National Heavy Duty Truck Group (CNHTC) through its subsidiary Sinotruk.
CNHTC will acquire 34% of UQM’s stock, and the two companies will create a joint venture to manufacture and sell electric propulsion systems in China. Sinotruk expects to be a significant purchaser of electric drivetrains from the JV for its commercial vehicles and buses.
Sinotruk is one of the world’s largest commercial vehicle groups – it has over 25,000 employees, and shipped some 172,000 commercial vehicles and 106,000 engines in 2016, earning revenue of $4.9 billion.