Allison Transmission to invest $42m in China’s Jing-Jin Electric Technologies
Allison’s investment in JJE follows the recently announced strategic partnership between the two companies.
Allison Transmission, a leading designer and manufacturer of conventional, electric hybrid and fully electric vehicle propulsion solutions, has announced that it will participate in the initial public offering (IPO) of Jing-Jin Electric (JJE), a leader in electric motor, inverter, and integrated electrified propulsion systems within the largest electric vehicle market in the world.
As part of JJE’s upcoming IPO at The Science and Technology Innovation (STAR) Board on the Shanghai Stock Exchange, Allison will make a strategic investment of ¥264 million CNY (approximately US$ 42 million). Along with Allison, FAW Group Corporation of Changchun, Jilin, China, will also participate as a strategic investor in JJE’s IPO, according to the IPO announcement from the Shanghai Stock Exchange.
Allison’s investment in JJE follows the recently announced strategic partnership between the two companies, and an earlier debt financing commitment by Allison that will directly support JJE’s North America commercial electric product development, testing, and manufacturing efforts. These investments represent the shared belief that combining Allison’s electrified products, brand, channel, technical expertise and product robustness with JJE’s broad portfolio of electric motors, inverters and integrated systems will enable the strategic partnership to offer a differentiated value proposition to our global customers and end users.
“This investment, in support of the Allison and JJE collaboration, is an exciting development that highlights Allison’s continued commitment to, and investments in, the commercial electric vehicle space.” said David Graziosi, Chairman and Chief Executive Officer of Allison Transmission.
“The inclusion of Allison as a strategic investor in our IPO demonstrates our confidence in the combined capabilities of the strategic partnership to accelerate global electric vehicle development and offer innovative and reliable electrified propulsion solutions to commercial vehicle manufacturers around the world.” said Ping Yu, Chairman and Chief Executive Officer of Jing-Jin Electric.
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