Dongfeng Motor Corporation and Detroit Electric Holdings Ltd Enter Into Strategic Cooperation for EVs
Dongfeng Motor Corporation and Detroit Electric Holdings Ltd have agreed to jointly research, develop, market and sell full electric vehicles (EVs) in China, based on Detroit Electric’s electric drive technology.
Based upon the strategic agreement, Dongfeng Motor Corporation will test and validate Detroit Electric’s patented electric drive technology with the intention to produce and market Dongfeng’s EVs. The parties are also in discussions to form a joint venture company to manufacture, assemble, produce and supply the electric drive technology to the Dongfeng Group and other vehicle manufacturers.
In addition, the two companies will study and explore the market entry strategy under the Dongfeng and Detroit Electric brand.
This strategic cooperation with Dongfeng comes shortly after Detroit Electric’s 30 March signing of Strategic Licensing and Contract Assembly Agreements with Proton, worth RM1.2 billion (US$331 million) annually. (Earlier post.)
Those agreements provided Detroit Electric with vehicle platforms and its first manufacturing base, and put it on the fast track to introduce a full line of innovative, practical and affordable pure electric vehicles to the global market.
Detroit Electric targets to sell 45,000 of vehicles across Europe, the United States and Asia by next year; increasing to 270,000 by 2012.
Detroit Electric’s product plans range from high-performance sports cars to sedans capable of driving more than 320 km/ 200 miles in a single charge. Detroit Electric Holdings Ltd invented and patented the Magnetic Flux Motor Technology for the motor drive train. The company also owns the intellectual property for the Motor Controller Program.