Detroit Electric is Starting Up Production of SP:01 With Help From Chinese Investor
China’s Far East Smarter Electric Group has invested $1.8 billion in the electric vehicle brand.
After a long hiatus, Detroit Electric finally has its feet back on the ground and will continue production and development of the SP:01. Resembling the design of a Lotus Exige, the SP:01 was an electric vehicle that made it to preproduction stages before losing funding back in 2015.
Now a Chinese company called Far East Smarter Electric Group has invested a healthy $1.8 Billion in Detroit Electric in order to get production rolling. According to a press release, the new joint venture plans to begin production of the SP:01 later this year. Detroit Electric also will invest $370 million in their Leamington, United Kingdom plant for production as well as R&D.
Detroit Electric plans to have a “family of electric vehicles” by 2020 including the SP:01, an electric SUV and maybe a sedan. Reports indicate that the SUV could make an appearance as soon as 2018 and the third vehicle by 2020. Detroit Electric and Far East Smarter Electric Group’s goal is to sell 100,000 vehicles annually by 2020.