On February 18, Far East Smarter Energy Co., Ltd. (Smarter Energy for short; Stock Code: 600869), Detroit Electric Vehicles Holding Co., Ltd. (hereinafter referred to as Detroit Electric) and China Yixing Industrial Park for Environmental Science & Technology (hereinafter referred to as ES&TP) officially signed on establishing a joint venture “Detroit Electric Vehicles Co., Ltd.” (hereinafter referred to as Joint Venture). This means that, following the whole ownership of Far East First and involvement in the field of new energy battery, Smarter Energy has leapfrogged into the field of new energy vehicles!
Zhu Xufeng (Middle), Member of Standing Committee of the CPC Municipal Committee and Director of ES&TP Management Committee; Albert Lam (Left), Board Chairman of Detroit Electric; Jiang Chengzhi (Right), Investor and Deputy Secretary of Party Committee of Far East Holding Group, Board Chairman of Smarter Energy.
At the signing ceremony, Zhu Xufeng, member of Standing Committee of the CPC Municipal Committee and Director of ES&TP Management Committee, Albert Lam, Board Chairman of Detroit Electric and Jiang Chengzhi, investor and Deputy Secretary of Party Committee of Far East Holding Group and Board Chairman of Smarter Energy signed on behalf of the three parties. The joint venture will be located at China Yixing ES&TP with a total investment of USD 1.8 billion and a registered capital of USD 600 million, among which Smarter Energy invests USD 240 million, accounting for 40%. It is expected that, in 2017 construction will kick off, in 2018 finished electric vehicles manufacturing qualification will be acquired and OEM products will be sold, in 2019 the first self-produced automobile will be off line. It is planned that, till 2020, to produce 50,000 finished vehicles, reach the cumulative sales of 100,000 new energy vehicles till 2021 as well as production and marketing scale of 1 million in 2030.
Meanwhile, Far East First New Energy Co., Ltd. (hereinafter referred to as Far East First) and Detroit signed an investment framework agreement to expedite the development of Far East First in new energy battery and enhance its advantages in this field by cooperation and mutual benefits.
Jiang Xipei, Founder, Board Chairman and Secretary of the Party Committee of Far East Holding Group, is Delivering a Speech at the Signing Ceremony
Jiang Xipei gave reasons for cooperation during the signing ceremony, according to him: “The 13th Five-year Plan specifies, till 2020, the production and marketing of new energy vehicles will exceed 5 million. This is not just competition among enterprises, it is more of a competition between new energy vehicles and traditional fuel vehicles. The breakthrough in core technology of new energy vehicles and ecological environment constrains call for development of new energy vehicles. Far East is very optimistic about the development prospects of new energy vehicle industry and hopes to seize the current investment opportunity of national new energy vehicle industry. While consolidating the strategic objectives of ‘The World’s Leading Smarter Energy, Smart City System Facilitator’, it can participate in the construction benefiting the country and the people alike.”
In fact, Smarter Energy has already made plans in the field of battery and electric control. It implemented strategic transformation in 2013-2014 and new energy vehicle is one of its priorities. In 2015, it wholly owned Far East First, which is No.1 cylindrical 18650 lithium-ion battery producer in production and marketing in China and No.3 in the world. In 2016, it successively issued non-public shares to construct 3GWh and invested the construction of 6GWh high-performance lithium batteries, initially forming resources and advantages in new energy vehicle industry chain. This cooperation with Detroit Electric further perfects the strategic layout of Smarter Energy.
Li Xiaomin Meets the Team from Detroit Electric and Far East Holding Group
The location of quality project in Yixing attracts the attention of Li Xiaomin, member of Standing Committee of CPC Provincial Committee and Secretary of Wuxi CPC Municipal Committee, who met representatives of Detroit Electric and Far East Holding Group before the signing ceremony. He said that Wuxi municipal government and municipal committee would spare no effort to support Detroit Electric Vehicles. He hoped that the three parties could be honest, sincere and cooperating with mutual trust. Starting from this signing ceremony, there will be more opportunities for cooperation, more expanded cooperative fields and improved cooperation levels. He hoped that Detroit Electric Vehicles Project could complete and reach production goals earlier with the help of efforts from multiple parties.
Shen Jian is Delivering a Speech at the Signing Ceremony
shen Jian, secretary of Yixing CPC municipal committee congratulated on the successful signing of the project. He said that, the location of Detroit Electric Vehicles Finished Vehicle Production Project would bring many quality supporting enterprises, advanced technologies and excellent talents to promote the overall development of Yixing vehicle manufacturing industry and industry transformation and upgrading. Guided by the philosophy of “project first, excellent service”, Yixing CPC municipal committee and government will provide the most quality services and most favorable environment for project construction, as well as the greatest sincerity and efforts to ensure smooth progress of the project.
Yixing Mayor Zhang Lijun is Hosting the Signing Ceremony
About Detroit Electric
Detroit Electric, a century-old vehicle brand.
Established in 1907, Detroit Electric is the world’s earliest producer of electric vehicles. In 2008, Albert Lam, the former CEO of British Lotus Cars Engineering Group revived Detroit Electric brand. The first SP:01 electric vehicles developed by this company have been successively putting into Asian and European markets.
