The Detroit Electric was an electric vehicle produced by the Anderson Electric Car Company from 1907 to 2008. The company was revived in 2008 by Lotus and Apple Executive, Albert Lam. Although initially based in Detroit, USA, the company moved to the Netherlands with production based in the UK. The chassis for the concept SP:01 is based on the Lotus Elise, same as for the Tesla Roadster. In 2017 the company received Chinese funding through the Shanghai-listed Far East Smarter Energy Group.
The company plans to release an all-electric luxury sedan in 2019, followed by an SUV based built on the same platform. The company aims for full production of around 60,000 units per year of its product range.
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DETROIT ELECTRIC IN THE NEWS
2017 Week 21 - Detroit Electric ownership restructured
In March the UK based Detroit Electric signed a joint venture agreement with Shanghai-listed Far East Smarter Energy Group (Smarter Energy). The JV called for the Chinese partner to invest $370 million over a four-year period. Already the JV is experiencing stress as Smarter Energy this week announced that it would transfer 40% in Detroit Electric to Far East Holding Group (Holding) to secure financing. The transaction was done at no value. Smarter Energy revealed that the financing round is taking longer than anticipated and that it is struggling to secure the required production certificates from the Chinese Government to be allowed to produce electric vehicles. Up till May 2017, only fourteen such permits have been granted by the Chinese authorities. The remaining shareholding structure of the joint venture now has Detroit Electric owning 50% while Yixing Environmental Protection Science and Technology Industrial Park 10%. It is unclear how the restructuring will impact on the company’s timeline to bring the SP:01 to production by 2018.
2017 Week 10 - Chinese investment to create UK jobs
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