Detroit Electric, the 100-year-old brand re-established in 2007 as a joint venture by ZAP and China Youngman Group (earlier post), said that a vehicle distributor and additional technology partners in Europe have agreed to provide capital financing and electric drive system technology for the venture. CEO Albert Lam expects to announce further details in the future.
Under the agreement, ZAP will transfer its ownership interest in Detroit Electric in exchange for North American sales and distribution rights for all vehicles developed and manufactured by Detroit Electric as well as US$750,000. According to Lam, China Youngman Automobile Group will relinquish its ownership under a separate arrangement, but will continue to provide vehicle platforms to Detroit Electric for pure electric transit buses and coaches.
Detroit Electric has attracted technology-based shareholders and investors in Europe to continue its development program for a range of four-wheeled, multi-passenger automobiles for manufacture in Malaysia and China. The company expects to announce its vehicle projects by the end of 2008.
Detroit Electric was an early 20th Century electric car, perhaps the most popular in history. The Anderson Electric Car Company of Detroit, Michigan built cars under the Detroit Electric brand between 1907 and 1939.