Geely And Detroit Electric Enter Strategic Partnership To Co-Develop Pure Electric Vehicles For Chinese Market

  Geely And Detroit Electric Enter Strategic Partnership To Co-Develop Pure
                     Electric Vehicles For Chinese Market

PR Newswire

SHANGHAI, April 25, 2013

SHANGHAI, April 25,2013 /PRNewswire/ --Geely Automobile Group, a prominent
China-based global car manufacturer, and Detroit Electric Inc., a leading
electric vehicle manufacturer, have announced at the Shanghai Motor Show that
the two companies have entered into strategic partnership to co-develop pure
electric vehicles and related electric drive systems for the Chinese market.

(Photo: http://photos.prnewswire.com/prnh/20130425/DE01735)

Under the terms of the partnership the first model of pure electric vehicles
will go on sale under Geely's Emgrand brand starting in 2014. 

After an initial three years of feasibility studies and a joint development
programme, the two companies have selected Geely's best-selling Emgrand EC7
model in the domestic Chinese market as the base vehicle on which to develop a
class-leading pure electric vehicle.

The EC7-based EV, called the EC7-EV, will be co-branded with a 'Detroit
Electric – Technology' badge and sales are expected to commence in the first
quarter of 2014. The vehicle will initially be sold primarily to business
users and public-sector organisations, and the two companies are forecasting
sales of around 3,000 units in the first 12 months, growing to 30,000 in three
years' time.

A joint development and engineering team has been formed to work together in
all areas of the EV powertrain solution, including electric motor, vehicle
management system, advanced thermo-managed battery pack, battery management
system and a twin-speed high-torque gearbox. The partnership also extends to
the formulation of a joint venture company to manufacture the critical EV
powertrain components and associated parts, situated close to Geely's
headquarters in Hangzhou, the capital of Zhejiang province. Geely also
operates six car assembly and powertrain manufacturing plants across China.

The new EC7-EV model will offer both medium-range (with a driving range of
165km per charge) and long-range options (an approximate range of 258km per
charge). Building on Detroit Electric's performance DNA, the vehicle can
deliver class-leading acceleration (0-100kph acceleration under eight seconds)
and a top speed exceeding 200kph. Whatever the preferred performance
characteristics for the chosen chassis, the innovative Detroit Electric
twin-speed high-torque gearbox is engineered to provide exceptional levels of
energy efficiency.

"This is a very significant step in the development of the Detroit Electric
business and is testimony to our innovative technology and engineering
capabilities," comments Albert Lam, Chairman and Group CEO of Detroit
Electric. "Detroit Electric will jointly develop the EC7-EV, covering all
aspects of the powertrain and chassis, safety, vehicle dynamics, system
integration, NVH and other items. We have been working alongside Geely for
some time to optimise the EV drive technologies for integration into the
vehicles and this partnership will now fast-track both Geely and Detroit
Electric to realising the great EV market potential in the Chinese market. I
am confident that we can become a leader of pure electric vehicles in the
Chinese market within the next 18 months. I am sure it is going to be a world
class product."

Mr. Feng, President of Emgrand, added: "Our partnership with a leading
electric vehicle technology provider such as Detroit Electric will enable us
to enhance and accelerate our own expertise and knowledge in this area. The
EC7-EV will enable us to provide a wider vehicle choice to our customers and
it also reiterates our commitment to providing alternate energy vehicles to
the market in China."

Earlier this month Detroit Electric unveiled its first production vehicle, the
SP:01. Boasting an impressive 249 km/h top speed and covering the 0-100km/h
sprint in a blistering 3.7 seconds, the SP:01 is the world's fastest
pure-electric production car. The SP:01 also makes its public debut at the
2013 Shanghai Motor Show.

Notes to editors:

About Detroit Electric:
Detroit Electric is an iconic brand in the electric vehicle sector. The
company began life in 1906 and soon established itself as the market leader
and most prolific manufacturer of electric cars. 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, superior handling and performance.

In March 2013 Detroit Electric announced the establishment of its corporate
headquarters in the iconic Fisher Building, located in downtown Detroit. The
company's first production car, the SP:01 goes on sale in many of Detroit
Electric's target markets by the end of August. It will be followed by a new
family of all-electric production cars. The SP:01 will be produced at a new
Detroit Electric production site in Wayne Country, Michigan. The dedicated
facility will have an annual capacity of 2,500 vehicles and create over 180
manufacturing and sales-related jobs.

About Zhejiang Geely Holding Group Co., Ltd:
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its
headquarters in Hangzhou, China. Geely Holding Group and its associated
companies have established operations that span the automotive value chain,
from research, development and design to production, sales and servicing. They
are a fully-integrated independent auto manufacturer producing cars, engines
and transmissions. Today, they are one of China's fastest growing automotive
manufacturers, as well as the industry's leading privately held group.

SOURCE Detroit Electric Inc.

Contact: For further information, photography or comment about Detroit
Electric, please visit the media section of the Detroit Electric website:
www.detroit-electric.com or contact Detroit Electric's PR agency - PFPR
Communications: Alex Michaelides, T: +44 (0) 1622 766529, E:
alex.michaelides@pfpr.com, Peter Cox, T: +44 (0)1622 766527, M: +44 (0)7753
859079, E: peter.cox@pfpr.com