(Yicai Global) Oct. 17 -- Chongqing Sokon Industry Group Co. [SHA:601127], a private automotive and spare parts manufacturer, intends to acquire American electric vehicle powertrain system developer AC Propulsion Inc. and its two sister companies for USD95 million.
Once the deal is concluded, all companies, trademarks, patents and other intangible assets related to new-energy vehicle businesses such as electric powertrain systems, control systems and battery systems at the California-based company and its sister companies of e.motor Corporation Ltd. (Hong Kong) and e.motor Advance Corporation Ltd. (Beijing) will be owned by Sokon Industry, according to the announcement.
The Chongqing-based company plans to build a modern electric vehicle powertrain system plant with its new acquisitions.
AC Propulsion Inc. has developed electric engines, controllers, batteries, integrated EV design solutions and core products for many global and national automakers. Its core electric engine patent has been licensed to US electric automaker Tesla Motor Inc. However, AC Propulsion does not have much experience in mass-production.