Thanks to a $1.8 billion joint venture
Do you remember Detroit Electric, the electric car company that was started by a former Lotus executive? The electric car company that was supposed to be headquartered in Detroit, disappeared for a while, and resurfaced in the U.K. with a Chinese partner? Well, after successfully delivering its first production car, the SP:01, back in 2015, the company says it plans to expand its range and offer more models.
Detroit Electric says we’ll get more details next month when it gives a presentation at Cenex’s Low Carbon Vehicles event on September 6 and 7. But for now, it says a full lineup of electric vehicles is on its way thanks to a $1.8 billion USD cash injection from its joint venture partner, Far East Smarter Energy. That also means hiring 150-200 new employees by next spring. The company will expand its engineering and manufacturing facility in the UK so it can open a new research and development center. It’s currently working to establish a manufacturing facility in China.
“Having secured the solid financial foundation to embark on our business plan, we’re now building up our team to enable us to deliver our ambitious vehicle engineering programs,” said Richie Frost, Detroit Electric’s Chief Technical Officer, in a statement. “This represents an opportunity to be a major part of an incredibly exciting, fast-moving company, as we begin the most exciting EV development projects in the UK.”
Obviously, $1.8 billion USD is a humongous amount of money, but building cars is tremendously expensive. If Detroit Electric wants to add sedans and SUVs to its lineup, $1.8 billion USD might not be enough. But at the same time, it’s encouraging to see an electric automaker succeeding and taking chances.
Still, with a name like Detroit Electric, it’s a shame the SP:01 isn’t available in the U.S. As of right now, there don’t appear to be any plans for Detroit Electric to change that.
Source: Detroit Electric