UQM Technologies set to enter India’s electric-vehicle market

LONGMONT — UQM Technologies Inc. (NYSE: UQM) will provide the second-largest commercial vehicle manufacturer in India with 51 electric drive systems in a demonstration phase that could lead to a larger order.

Financial terms of the deal were not disclosed.

Ashok Leyland in India will use Longmont-based UQM’s PowerPhase eDT traction-drive systems in electric transit buses. The order is the first step in a development program that would allow Ashok Leyland to gain market leadership and drive the overall 2030 India electrification initiative. The initiative is intended to reduce diesel emissions levels and improve operational safety and environmental conditions.

Read Also: UQM Withdraws Foreign Investment Application 

If the demonstrations prove successful, Ashok Leyland would plan to move forward with its strategy to grow the India electric-vehicle market with additional zero-emission vehicles incorporating the UQM electric-drive technology, according to a statement released Wednesday by UQM.

The development work between our teams has been significant to get to this point, and now the prototype program for this strategic alliance is underway,” Joe Mitchell, UQM’s president and chief executive, said in the statement.  “ … We view this as a long-term relationship.”

The demonstration program is scheduled to span 2018, with initial production anticipated to begin in 2019.

 

LONGMONT — UQM Technologies Inc. (NYSE: UQM) will provide the second-largest commercial vehicle manufacturer in India with 51 electric drive systems in a demonstration phase that could lead to a larger order.

Financial terms of the deal were not disclosed.

Ashok Leyland in India will use Longmont-based UQM’s PowerPhase eDT traction-drive systems in electric transit buses. The order is the first step in a development program that would allow Ashok Leyland to gain market leadership and drive the overall 2030 India electrification initiative. The initiative is intended to reduce diesel emissions levels and improve operational safety and environmental conditions.

Read Also: UQM Withdraws Foreign Investment Application 

If the demonstrations prove successful, Ashok Leyland would plan to move forward with its strategy to grow the India electric-vehicle market with additional zero-emission vehicles incorporating the UQM electric-drive technology, according to a statement released Wednesday by UQM.

The development work between our teams has been significant to get to this point, and now the prototype program for this strategic alliance is underway,” Joe Mitchell, UQM’s president and chief executive, said in the statement.  “ … We view this as a long-term relationship.”

The demonstration program is scheduled to span 2018, with initial production anticipated to begin in 2019.