LONGMONT, CO--October 2, 2012: UQM Technologies, Inc. (NYSE MKT: UQM), has signed a memorandum of understanding with a major Chinese company for the development and marketing of UQM electric propulsion systems for New Energy Vehicles (NEV) in China. This agreement expands the global reach of UQM to four continents, and represents the initial step in our strategy to penetrate the Chinese market with our leading electric propulsion products. With a global reputation for performance and quality, UQM provides its customers with both custom electric propulsion solutions and automotive-qualified volume production capabilities.
“This agreement is an important step in our strategic plan to enter the Chinese market with our highly efficient electric propulsion systems and related products for New Energy Vehicles”
Under the agreement, UQM and its China-based partner will work collaboratively to introduce UQM products into the Chinese market for use in New Energy Vehicles. The China State Council published its New Energy Vehicles plan in July, 2012, setting a goal of 500,000 energy-efficient and clean vehicles on the road in China by 2015, and five million vehicles by 2020.
"This agreement is an important step in our strategic plan to enter the Chinese market with our highly efficient electric propulsion systems and related products for New Energy Vehicles," said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. "With annual revenue of over $5 billion, our Chinese partner has a substantial footprint throughout China and is well-positioned to introduce our products to the country's developing New Energy Vehicle market."
UQM powers test-fleet vehicles by Audi in Germany, Rolls-Royce and the London Taxi Company in the U.K., and previously, Saab vehicles in Sweden. UQM is also powering Hino electric city buses in Japan and demonstration vehicles for EV Engineering in Australia. In the U.S., UQM can be found in the CODA all-electric passenger sedan, now available in California, Proterra all-electric composite transit buses, Boulder EV all-electric delivery vans, and Electric Vehicles International all-electric medium-duty trucks and delivery vans.