LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) announced today that Sinotruk (Hong Kong) Limited (“Sinotruk”) has made an initial purchase of UQM PowerPhase® DT systems for implementation and evaluation in their commercial vehicles. This is the first step towards the long term strategy of utilizing UQM electric drive products across Sinotruk’s portfolio of commercial vehicles. Sinotruk is a leading heavy-duty commercial vehicle manufacturer in China and one of the largest commercial vehicle groups in the world, and this order signals the beginning of the commercial partnership with UQM.
UQM and Sinotruk plan to form a joint venture for the manufacture and sales of electric propulsion systems in China. The parties expect Sinotruk to be a significant purchaser of electric propulsion systems from the JV for Sinotruk’s commercial vehicles and other customers will be identified for sales as well.
“After finding the right strategic partner in Sinotruk to enter the China market and expand globally, this is the first step in our business relationship. This initial order signals the beginning of UQM’s now increased access to the largest electric vehicle market in the world, leading to a much stronger competitive position for propulsion systems in the global electric vehicle market,” said Joe Mitchell, President and CEO of UQM.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, and industrial 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 TS 16949 and ISO 14001 certified and located in Longmont, Colorado.
About CNHTC and Sinotruk
China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the parent company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading heavy-duty commercial vehicle manufacturer in China and one of the largest commercial vehicles groups in the world. Its products are distributed in over 90 countries worldwide, including South America, Africa, Southeast Asia, the Middle East, Ireland and Australia, among many others. Since its founding in 1950, CNHTC has had a long and successful history cooperating with international partners in developing new products and markets in China and elsewhere, including Steyr of Austria, MAN SE of Germany, and Cargotec of Finland. CNHTC has two subsidiaries listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, respectively.
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 management with respect to, among other things, gaining required certifications, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity, 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-KT and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.