The principal terms include a $25m equity investment in Smith by Wanxiang and up to a $75m investment in a joint venture between Smith and Wanxiang to develop, manufacture and commercialize all-electric school buses and commercial vehicles for multiple industries in China.
Under the Smith brand, the vehicles will combine Wanxiang’s EV componentry technologies with Smith’s platform vehicle designs, including its Smith Drive and Smith Power systems.
Both the investment and the joint venture are subject to the execution of definitive agreements and receipt of regulatory and other third party approvals.
