Smith Electric Vehicles form Joint Venture in Taiwan

Taikang Technology Corporation, a commercial vehicle manufacturer in Taiwan. 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, opening up an important new market for Smith Electric. The vehicles will be Smith Electric branded and the joint venture will help Smith Electric to strengthen and further build its global manufacturing presence. The JV’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. The JV agreement will also cover the creation of a new manufacturing plant in Taiwan, which will create a number of new jobs over multiple years.