UQM Technologies has signed a memorandum of understanding with a Chinese company (which it has not named) for the development and marketing of its electric powertrain systems in China. This agreement expands UQM’s market reach to four continents, and represents an initial step in its strategy to penetrate the Chinese market.
Under the agreement, UQM and its unnamed China-based partner will work collaboratively to introduce UQM products into the Chinese ‘New Energy Vehicles’ market. The China State Council’s New Energy Vehicles plan of July 2012 set a goal of 500,000 energy-efficient low-emissions vehicles on the road in China by 2015, and five million by 2020.
Eric R Ridenour, President and Chief Executive Officer of UQM Technologies, said, “With annual revenue of over US$5bn, our Chinese partner has a substantial footprint throughout China and is well-positioned to introduce our products to the country’s developing New Energy Vehicle market.”
UQM powers test-fleet vehicles built by Audi in Germany, Rolls-Royce and London Taxi International in the UK, and previously, Saab vehicles in Sweden. UQM is also powering Hino electric city buses in Japan and demonstration vehicles for the EV Engineering collaborative entity formed by Better Place’s new Chief Executive Officer Evan Thornley in Australia. In the US, UQM supplies the powertrain of the Coda battery-electric passenger sedan, supplied in ‘glider’ form from China and now available in California. UQM also powers Proterra electric transit buses, Boulder EV all-electric delivery vans, and Electric Vehicles International electric medium-duty trucks and delivery vans.
