Electric Car Maker Gets Funding From Battery Maker

Smith Electric Vehicles Corp. will resume production in Kansas City in the summer now that the company is set to receive $42 million from a lithium-ion battery producer in Hong Kong.

The investment will position Sinopoly Battery Ltd. as a strategic shareholder in Smith, a release said. Under the agreement, Sinopoly will become Smith’s exclusive supplier for batteries and Smith’s preferred supplier for certain electric vehicle components that can be manufactured in its Hangzhou facility.

Smith’s CEO said the demand for all-electric vehicles is rapidly increasing in China, and said the investment will benefit both companies and give Smith more flexibility to scale its manufacturing, strengthen its supply chain and move the company toward profitability.

Read more from the Kansas City Business Journal

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