06 Sep 2017

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.

 



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