Allison Transmission, a designer and manufacturer of conventional, electric hybrid and fully electric vehicle propulsion solutions, is participating in the initial public offering (IPO) of Jing-Jin Electric (JJE), an electric motor, inverter and integrated electrified propulsion system company.
As part of JJE’s upcoming IPO at The Science and Technology Innovation (STAR) Board on the Shanghai Stock Exchange, Allison will make a strategic investment of ¥264 million CNY (approx. $42 million). Along with Allison, FAW Group Corporation of Changchun, Jilin, China, will also participate as a strategic investor in JJE’s IPO, according to the IPO announcement from the Shanghai Stock Exchange.
“This investment, in support of the Allison and JJE collaboration, is an exciting development that highlights Allison’s continued commitment to, and investments in, the commercial electric vehicle space,” says David Graziosi, chairman and CEO of Allison Transmission. “In further support of the relationship, Allison is proud to participate in JJE’s initial public offering as a strategic investor.”
Allison’s investment in JJE follows the recently announced strategic partnership between the two companies, and an earlier debt financing commitment by Allison that will directly support JJE’s North America commercial electric product development, testing and manufacturing efforts.
“We are grateful for the support of Allison during this critical stage in JJE’s evolution,” mentions Ping Yu, chairman and CEO of Jing-Jin Electric. “The inclusion of Allison as a strategic investor in our IPO demonstrates our confidence in the combined capabilities of the strategic partnership to accelerate global electric vehicle development and offer innovative and reliable electrified propulsion solutions to commercial vehicle manufacturers around the world.”