Detroit Electric Signs Deal With Geely to Develop Electric Vehicles image

The revived automaker Detroit Electric has signed a deal with China Geely to develop EVs , related motors and powertrains for the Asian market.

This partnership will offer Detroit Electric the possibility to have manufacturing plants in three major markets: in the US, China and the Netherlands. The automaker plans to sell a lineup of EVs, beginning with a $135,000 sports car, followed by a less pricy sedan and hatchback.

According to the new partnership, the developed models will be based on Geely’s Emgrand EC7 model, similar to a midsize vehicle, and are expected to hit the market in 2014. The Detroit Electric-Geely partnership will also include a JV company, which will produce electric powetrain parts in China. The vehicle will first be sold in China for the public-sector organizations and business users. The automakers expect sales of 3,000 vehicles annually reaching 30,000 in the next three years.

Detroit Electric plans to sell 999 of its $135,000 SP:01 electric sports car and use the revenue to begin manufacturing another sports vehicle and then focus on higher-volume and less-expensive EVs. The SP:01 will be manufactured at a plant located in the Detroit area, with an annual capacity of 2,500 units, but only 999 units will be manufactured.

Source: The Detroit News