US based electric vehicle (EV) manufacturer Smith Electric Vehicles has signed an agreement with the China based Taikang Technology to establish a joint venture (JV) in Taiwan.
The new JV will be responsible for the assembly and distribution of Smith Electric branded electric vehicles in Taiwan, which is expected to help the manufacturer to strengthen and increase its global manufacturing presence.
As per the deal, JV will produce 5,000 vehicles per annum including its Newton and Edison models designed for garbage pick-up and transport, as well as transform a major part of the country's municipal garbage truck fleet.
Smith Electric chief executive officer Bryan Hansel said with the agreement, the company is eager to complete its first ever licensee agreement.
"Smith Electric plans more licensee agreements to support its long-term global growth strategy to meet growing demand for fleet transformation through electrification around the world," Hansel added.
Under the contract, Smith Electric will completely own the sourcing and procurement rights for its Smith Drive, Smith Power, and Smith Link EV components.
Additionally, the JV also includes new manufacturing facility in the country that is expected to create various jobs in the upcoming years.
