Smith Electric Vehicles, Wanxiang Group Announce Joint Venture

Smith Electric Vehicles Corp., a manufacturer of all-electric commercial vehicles, said it has signed a letter of intent with Wanxiang Group, a maker and supplier of automotive parts, to develop electric commercial vehicles for multiple industries in China.

The terms include a $25 million equity investment in Smith by Wanxiang and up to $75 million for the joint venture between the two companies.

Under the Smith brand, these vehicles will combine Wanxiang’s EV component technologies with Smith’s platform vehicle designs.

Smith Electric Vehicles, which operates manufacturing facilities in Kansas City, Mo., and Newcastle, U.K., develops, produces and sells zero-emission commercial electric vehicles that are designed as an alternative to diesel trucks.