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.
MORE TO READ
Porsche Mission-E Will Be a Track-Ready EV
With a recharging time of 15 minutes, owners won’t need to waste precious track time in the pits.
Honda May Debut Clarity Electric and Plug-In Hybrid at New York
The two new models will round out the trio along with the Clarity Fuel Cell.
Bentley EXP 12 Speed 6e: Like That Other Sexy Bentley Concept, But Electric and Convertible
But does the form suggests a new styling language for the new Continental GT?
New York Will Have a $2,000 Incentive on New Electric Vehicles Starting April 1st
Combine that will federal incentives and you are looking at nearly $10,000 off.