Smith Electric Announces Pending Joint Venture in Taiwan
Smith Electric Vehicles, a producer of all-electric medium-duty commercial vehicles, announced that it has signed a letter of intent to form a joint venture with Taikang Technology Corporation in Taiwan. Taikang Technology Corporation, a commercial vehicle manufacturer in Taiwan, has 25 years of automotive experience and has expertise in upfitting specialized municipal commercial vehicles.
According to the companies, Smith Electric and Taikang Technology Corporation intend to enter into a definitive licensing agreement, which will cover the assembly and distribution of all-electric vehicles in Taiwan.
The vehicles will be Smith Electric branded. The joint venture’s first three years of production is anchored by a 5,000 vehicle commitment, including transformation of a significant portion of the country’s municipal garbage truck fleet, according to the companies.
The initial trucks will be Newton and Edison model vehicles configured for garbage pick-up and transport. Smith Electric will have the sole sourcing and procurement rights for its 2 of 3 proprietary Smith Drive, Smith Power, and Smith Link components. Taikang Technology Corporation has been working closely with a number of Taiwanese government agencies, including the Environmental Protection Agency (EPA), on transforming its fleet of refuse trucks to all-electric.
The joint venture agreement will also cover the creation of a new manufacturing plant in Taiwan, which will create a number of new jobs over multiple years.