Attracting a well-known high-tech brand like Detroit Electric, the world's oldest electric car maker, represents another positive step forward for Wuxi as the city accelerates its efforts to become a hub for advanced manufacturing.
There are currently 182 auto manufacturing enterprises based in the city with an annual industrial output value of more than 20 million yuan. The companies' total annual revenue hit nearly 70 billion yuan in 2016.
Li Xiaomin, Wuxi's highest official, attended the ceremony and said that Yixing's advantageous location and great potential is capable of helping yield a win-win situation for both Detroit Electric and Far East Smarter Energy.
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Lin Xiushan (L), president and CEO of Detroit Electric, talks with Li Xiaomin (R), Party secretary of Wuxi city, before the signing ceremony in Yixing, Wuxi, on Feb 18. [Photo provided to China Daily] |
The project also highly conforms to Wuxi's own development strategy, he added.
For Far East Smarter Energy, the new joint venture offers an opportunity to increase its presence in the smart energy sector and learn from Detroit Electric's advanced technology, according to the president of Far East Holding Group, the parent company of Far East Smarter Energy, Jiang Xipei.
Far East Smarter Energy will contribute its cutting-edge battery and new energy technology to the joint venture. The company acquired lithium battery manufacturer Jiangxi Forster New Energy Group for 1.2 billion yuan in 2015, and the company has been keen to break into the electric vehicles market.
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Li Xiaomin, Party secretary of Wuxi, poses for a photo with representatives from Detroit Electric and Far East Holding Group after the signing ceremony in Yixing, Wuxi, on Feb 18. [Photo provided to China Daily] |
