ALTe Powertrain Technologies has signed a $200m joint venture agreement with MESA Century New Energy Technology to increase adoption of plug in electric and hybrid powertrain technology in the worldwide fleet vehicle industry.
The new JV, named MESA Industrial Technology, will serve the medium duty bus and truck market in China with opportunities to export globally on multiple vehicle applications.
The agreement includes a $70m contract to support ALTe's engineering work in the US.
ALTe will own one third of the JV and will open four factories for producing electric hybrid powertrains in China which will produce 240,000 units per annum.
ALTe chairman John Thomas said, "All parties to the transaction share the vision of growing the entire electric vehicle ecosystem to achieve an unprecedented scale allowing for the accelerated adoption of an affordable and sustainable alternative to the traditional petroleum based transportation system."
