ALTe holds inaugural joint-venture meeting in China2014-04-30 15:21 Globaltimes.cn Web Editor: Gu Liping
ALTe Powertrain Technologies (ALTe), the developer of the first plug-in electric hybrid vehicle powertrain system for light commercial vehicles and independent producer of new energy powertrain systems in China, crossed a significant milestone in its international business development strategy on October 8, 2013.
Together with its joint-venture partner Henan Benma Company, Ltd., ALTe held its first official joint-venture board meeting after receiving Chinese government approval. The enterprise, officially named "Henan ALTe New Energy Automobile Company Ltd," is based in Changge, Central China's Henan Province.
As a result, the joint-venture is able to execute $209 million of purchase orders for the ALTe patented plug-in electric hybrid powertrains. These powertrains will be installed in 3,000 light commercial vehicles starting in April 2014.
In connection with the formation of the Henan ALTe Joint Venture in China, Citibank Commercial Banking Group approved a multimillion-dollar line of credit for ALTe in the US, facilitated by a commitment made by ALTe's China partner.
ALTe has one of the only viable qualifying technologies for use in a wide array of commercial vehicles and passenger cars, thanks to a significant subsidy to accelerate adoption of new energy vehicles in China.
China has set the impressive goal of 5 million plug-in hybrid and electric vehicles to be on the road by the year 2020. ALTe's affordable and proven technology will help the country reach that goal at an accelerated pace.