Smith Electric Vehicles is a global maker of zero-emission commercial electric vehicles, marketing models such as the Newton™ and the Edison™. The company develops proprietary platform vehicle designs, including Smith Drive™ and Smith Power™ systems, and operates manufacturing facilities in Kansas City, Missouri and outside Newcastle, U.K. Under a letter of intent with Wanxiang Group, Smith plans to develop, manufacture and commercialize all-electric school buses and other commercial vehicles for multiple industries in China. The planned program would combine Wanxiang’s EV componentry technologies with Smith’s vehicle platforms and seek to leverage volume and cost synergies back into Smith’s global business. The letter of intent contemplates a $25 million equity investment in Smith by Wanxiang and up to a $75 million investment in a joint venture to support the China program. Both the equity investment and the joint venture are subject to execution of definitive agreements and receipt of regulatory and other third-party approvals.

Total raised

$25M

Funding rounds

1

Latest round

Equity

Latest activity

Feb 2012