Smith Electric Vehicles Corp., a Kansas City-based maker of all-electric commercial vehicles, has signed a letter of intent with Wanxiang Group, a China-based global leader in automotive parts manufacturing and supply.
The deal calls for Wanxiang to make a $25 million equity investment in Smith Electric and invest as much as $75 million in a joint venture to develop and sell all-electric commercial trucks and school buses in China.
Under the Smith brand, these vehicles will combine Wanxiang’s EV componentry technologies with Smith’s proprietary platform vehicle designs, including its Smith Drive(TM) and Smith Power(TM) 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.
