Allison Transmission will participate in the initial public offering of electric motor, inverter and propulsion system supplier Jing-Jin Electric (JJE), making a strategic investment of approximately $42 million. FAW Group will also participate as a strategic investor in the IPO.
Allison’s investment in JJE follows a recently announced strategic partnership between the two companies, and an earlier debt financing commitment by Allison that will directly support JJE’s North American commercial electric product development, testing and manufacturing efforts.
“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 of Jing-Jin Electric.
Source: Allison Transmission