Detroit Electric secures major investment to expand its future vehicle offerings

• EV ELECTRA acquires a majority stake in Detroit Electric for more than 500 (Five Hundred) Million USD
• Detroit Electric plans to offer a diverse family of high-performance, premium, pure electric and hydrogen electric hybrid vehicles

Electric vehicle innovator EV Electra™ is to make an equity investment of over Five Hundred Million US Dollars to acquire a majority stake in Detroit Electric™, the electric and hydrogen-electric hybrid vehicle technology company, to support the next stage of our growth plan. This investment will enable Detroit Electric to expand its operations in Europe and Asia, with the aim of producing several EV and hydrogen electric hybrid models over the next five years.

“We are excited about our collaboration and mutual future opportunities, in times of fast changes and faster innovations related to environmental preservation and we hope to be able to contribute to the hydrogen driven vehicles from Detroit Electric”, says Mr. Jihad Mohammad, CEO of EV Electra.

Detroit Electric has spent the last four years working on its next-generation hydrogen electric hybrid technology vehicle platform, and it is now ready to realise the next stage of the company’s expansion plans by delivering exciting, innovative, environmentally friendly vehicles for the mass market.

“We are proud to secure this new round of investment which will fuel the next stage of our growth,” said Albert Lam, Group CEO of Detroit Electric, “Apart from our continuous focus on battery-powered vehicles – hydrogen hybrid will also be an essential component of our drive technology. Our team has been working hard on several innovative technologies to offer customers a choice of pure electric and hydrogen electric hybrid models.”

“We are now looking to expand our engineering teams in Europe and Asia to allow us the delivery of innovative and best-in-class products. We will continue to adopt our ’asset light’ model with contract manufacturing and to manage our expansion through strategic partnerships.” he added.

Detroit Electric’s ambitious new vehicle plan over the next five years will see a few new models introduced, ranging from an SUV to a sedan to a roadster.

ABOUT DETROIT ELECTRIC

Heralding the rebirth of the original electric car brand in 2008 and with the creation and delivery of the SP:01 high performance electric sports car generated over 120 innovative technology patents. Detroit Electric has since established itself as an innovative technology-based vehicle manufacturer, and it will contribute over 900 patents and enormous expertise in battery and hydrogen technology to this partnership.

Early in the last century, the electric vehicle industry was flourishing in Detroit, USA, and a company called Detroit Electric was at its very heart, innovating and selling more electric vehicles than any other company.  By 1912, there were numerous American electric vehicle makers, with Detroit Electric both the market leader and the most prolific, going on to make around 13,000 cars – which is an electric vehicle production World Record for the twentieth century.  Notable customers included, but not limited to Thomas Edison, Mamie Eisenhower, John D. Rockerfeller Jr. and Clara Ford, the wife of Henry Ford.

The brand was revived in 2008 by Albert Lam, former Group CEO of the Lotus Engineering Group and Executive Director of Lotus Cars of England, with a vision to produce an electric vehicle that seamlessly integrates refined aesthetics, innovative technology and superior handling and performance.