UQM Technologies announces order from Hong Kong-based Sinotruk for PowerPhase systems

Wednesday September 20, 2017 0 comments Tags: UQM Technologies, Longmont, Joe Mitchell, UQM PowerPhase DT

LONGMONT -- UQM Technologies, Inc. (NYSE American: UQM) announced Hong Kong-based Sinotruk Limited has made an initial purchase of UQM PowerPhase® DT systems for implementation and evaluation in their commercial vehicles.UQM_logoUSE_1

UQM said it is the first step toward a long-term strategy of utilizing UQM electric drive products across Sinotruk’s portfolio of commercial vehicles.

The amount of the purchase order was not disclosed.

Sinotruk is a leading heavy-duty commercial vehicle manufacturer in China and one of the largest commercial vehicle groups in the world, and the order signals the beginning of the commercial partnership with UQM, the company said.

UQM and Sinotruk said they 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,” said Joe Mitchell, UQM’s president and CEO.

“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.”