Allison Transmission will participate in the initial public offering (IPO) of Jing-Jin Electric (JJE), a leader in electric motor, inverter, and integrated electrified propulsion systems within China—the largest electric vehicle market in the world.
As part of JJE’s upcoming IPO at The Science and Technology Innovation (STAR) Board on the Shanghai Stock Exchange, Allison will make a strategic investment of 264 million CNY (approx. US$42 million). Along with Allison, FAW Group Corporation of Changchun, Jilin, China, will also participate as a strategic investor in JJE’s IPO, according to the IPO announcement from the Shanghai Stock Exchange.
Allison’s investment in JJE follows the recently announced strategic partnership between the two companies, and an earlier debt financing commitment by Allison that will directly support JJE’s North America commercial electric product development, testing, and manufacturing efforts. (Earlier post.)
These investments represent the shared belief that combining Allison’s electrified products, brand, channel, technical expertise and product robustness with JJE’s broad portfolio of electric motors, inverters and integrated systems will enable the strategic partnership to offer a differentiated value proposition to global customers and end users.
Established in 2008, JJE is an electrified propulsion leader in components, assemblies and systems for global automotive and commercial vehicle customers. Headquartered in Beijing, China, JJE has technical centers and production facilities in the United States and China including Michigan, Shandong, and Shanghai.