fbpx

Smith Electric Vehicles gets Chinese investment, road to Chinese market

Smith Electric Vehicles Corp. is teaming up with Wanxiang Group, the largest auto parts supplier in China, in a deal that will provide additional capital for Smith and give it access to the Chinese electric-vehicle market.

Smith Electric, based in Kansas City, on Friday announced the agreement with Wanxiang. 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.

[Kansas City Business Journal]