Sevcon Announces Electric Vehicle Joint Venture in China
04 Fevereiro 2014 - 11:02PM
Sevcon, Inc. (Nasdaq:SEV), a world leader in the design and
manufacture of microprocessor-based controls for zero emission
electric and hybrid vehicles, today announced that it has entered
into a joint-venture agreement with a subsidiary of a Chinese Tier
1 automotive supplier, Risenbo Technology Co., Ltd, (Risenbo),
based in Hubei Province, China. Operating as Sevcon [Hubei] New
Energy Technology Company, Ltd., the new joint venture company will
source from Sevcon and will market and sell existing and future
Sevcon products for on-road electric and hybrid vehicle
applications principally to Tier 1 automotive suppliers in China.
The joint-venture agreement has received the required approval
of the government authorities in China. Under its terms, Sevcon and
Risenbo each will own a 50 percent stake in the joint venture,
which will be led by a Sevcon-nominated chair. Subject to the
satisfaction of certain closing conditions, the joint-venture
agreement is expected to become effective in the first quarter of
calendar 2014.
"Partnering with Risenbo is a unique strategic opportunity for
Sevcon to gain greater access to the world's largest electric and
hybrid vehicle market," said Sevcon President and CEO Matt Boyle.
"China has long been one of our most important growth regions,
driven by increasing product demand in our traditional off-road,
industrial, construction and mining markets. This joint venture
will open the door for Sevcon to help China's Tier 1 automotive
suppliers meet the country's fast-growing demand for zero emission
scooters, motorcycles, automobiles and commercial vehicles, as well
as hybrid electric vehicles. Working with Risenbo, a respected
supplier to the automotive market in China, will enable us to forge
new customer relationships in this crucially important geographic
market far more rapidly and efficiently than we could on our
own."
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
microprocessor based controls for zero emission electric and hybrid
vehicles. The controls are used to vary the speed and movement of
vehicles, to integrate specialized functions and to optimize the
energy consumption of the vehicle's power source. The Company
supplies customers throughout the world from its operations in the
USA, the U.K., France and the Asia Pacific region and through an
international dealer network. Sevcon's customers are manufacturers
of on and off-road vehicles including cars, trucks, buses,
motorcycles, fork lift trucks, aerial lifts, mining vehicles,
airport tractors, sweepers and other electrically powered vehicles.
For more information visit www.sevcon.com.
Forward-Looking Statements
Statements in this release about Sevcon's joint venture with
Risenbo are forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially
from those we anticipate. In particular: global demand for electric
vehicles may not grow as much as we expect; our customers' products
may not be as successful as those of other entrants in the electric
vehicle market who are supplied by our competitors; and we are
dependent on a few key suppliers and subcontractors for most
components, sub-assemblies and finished products, and we may not be
able to establish alternative sources of supply in time if supplies
are interrupted. Please see the Company's most recent forms 10-K
and 10-Q on file with the SEC for further information regarding
Sevcon's risk factors.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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