28 Aug '17, 3pm

#CNHTC acquiring 34% of #UQM stock; forming new JV for electric propulsion systems in China

CNHTC acquiring 34% of UQM stock; forming new JV for electric propulsion systems in China 28 August 2017 UQM Technologies has entered into a definitive stock purchase agreement with China National Heavy Duty Truck Group Co., Ltd. through its wholly owned subsidiary, Sinotruk (BVI) Limited (collectively, CNHTC”, the parent company of Sinotruk, a leading Chinese commercial vehicle manufacturer. UQM and CNHTC plan to create a joint venture to manufacture and sell electric propulsion systems for commercial vehicles and other vehicles in China. CNHTC’s investment and creation of the JV is planned to occur in two stages. First, CNHTC will acquire newly issued common shares of UQM, resulting in a 9.9% ownership interest of common shares issued and outstanding. This is expected to close within 30 days of signing of the Agreement. Second, CNHTC will acquire additional newly issued ...

Full article: http://www.greencarcongress.com/2017/08/20170828-uqm.html

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