UQM Technologies, Inc. (UQM) Announces Strategic Chinese Alliance

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, and power electronic controllers for the automotive, commercial truck, bus, and military markets. A major emphasis for the company is the development of propulsion systems for electric, hybrid electric, plug-in hybrid electric, and fuel cell electric vehicles.

The company announced today that it has signed a memorandum of understanding with a Chinese company for the development and marketing of UQM electric propulsion systems for New Energy Vehicles (NEV) in China. The Chinese firm is a major one with annual revenues in excess of $5 billion and a footprint in all regions of the country. This agreement represents UQM’s initial step in its strategy to penetrate the Chinese market with its products.

Under terms of the agreement, UQM and its Chinese partner will work together to introduce UQM products into the Chinese market for use in New Energy Vehicles. This agreement comes at a good time for UQM. The China State Council, in July 2012, published its NEV plan. The goal was set to have 500,000 energy-efficient, clean vehicles on the road in China by 2015 and to have 5 million such vehicles on the road by 2020.

This move by UQM into China now means the company’s global reach extends to four continents. Not only does it have a large presence in California’s electric vehicle market, but it has also partnered with some big European firms including Audi, Rolls-Royce, and Saab, along with Hino in Japan. To find out more about UQM Technologies and its products for electric vehicles, please visit the company’s website at www.uqm.com.

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