EV maker Detroit Electric signs $1.8bn China Deal

The company has revealed a partnership with Chinese company Far East Smarter Energy Group, which specialises in electrics and battery technology. The deal is worth $1.8bn and will see the US company bring out two more EV models in the next few years. As part of the venture, $370m will go into Detroit Electric’s European operations, with some funds earmarked for expanding its UK facilities.  The duo will also look at building a new facility, presumably in the US, to help with design, R&D, testing and production.

According to their aggressive plan, that will enable them to develop an all-electric SUV (sound familiar?), and begin production in 2018. That model will be quickly followed by a third EV for 2020, at which point Detroit Electric hopes to be selling 100,000 cars a year globally.