Global automotive parts manufacturing and supply company Wanxiang Group is making a $25 million equity investment in Smith Electric Vehicles Corp., which focuses on all-electric commercial vehicles.
According to Smith, the deal also includes up to a $75 million investment in a joint venture between the companies to develop, manufacture and commercialize all-electric school buses and other commercial vehicles for multiple industries in China. These vehicles will combine Wanxiang's EV technologies with Smith's proprietary designs, including its Smith Drive and Smith Power systems, and be sold in China under the Smith brand name.
Smith, which operates manufacturing facilities in Kansas City, Mo., and Newcastle, U.K., produces the Newton and Edison EV models.
