LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM), has signed a memorandum of understanding with a major Chinese company for the development and marketing of UQM electric propulsion systems for New Energy Vehicles (NEV) in China. This agreement expands the global reach of UQM to four continents, and represents the initial step in our strategy to penetrate the Chinese market with our leading electric propulsion products. With a global reputation for performance and quality, UQM provides its customers with both custom electric propulsion solutions and automotive-qualified volume production capabilities.
Under the agreement, UQM and its China-based partner will work collaboratively to introduce UQM products into the Chinese market for use in New Energy Vehicles. The China State Council published its New Energy Vehicles plan in July, 2012, setting a goal of 500,000 energy-efficient and clean vehicles on the road in China by 2015, and five million vehicles by 2020.
“This agreement is an important step in our strategic plan to enter the Chinese market with our highly efficient electric propulsion systems and related products for New Energy Vehicles,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “With annual revenue of over $5 billion, 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 by Audi in Germany, Rolls-Royce and the London Taxi Company in the U.K., and previously, Saab vehicles in Sweden. UQM is also powering Hino electric city buses in Japan and demonstration vehicles for EV Engineering in Australia. In the U.S., UQM can be found in the CODA all-electric passenger sedan, now available in California, Proterra all-electric composite transit buses, Boulder EV all-electric delivery vans, and Electric Vehicles International all-electric medium-duty trucks and delivery vans.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is located in Longmont, Colorado. Please visit www.uqm.com for more information.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, future orders to be received, future financial results and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed July 31, 2012, which is available through our website at www.uqm.com or at www.sec.gov.