UQM Technologies, Inc. (NYSE American: UQM) announced today that it, along with China National Heavy Duty Truck Group Co., Ltd. ("CNHTC”), have decided to withdraw their joint application to the Committee on Foreign Investment in the United States ("CFIUS”) for the approval of the second stage investment provided for in the Stock Purchase Agreement signed by both parties on August 25, 2017. Based upon the request of CFIUS, the application has been withdrawn to allow for more time for review and consultation. Upon completion of this re-evaluation, both parties currently expect to resubmit the application to CFIUS for approval.

"We look forward to working with our CNHTC partner and CFIUS to ensure all stakeholder interests are protected,” said Joe Mitchell, President and CEO of UQM. "We have met with top executives of CNHTC and mutually agreed that our collective business goals have not changed, and CNHTC is very committed to partnering with us to capitalize on the electric vehicle market in China. We have formed a very strong relationship with the CNHTC team, and with the first stage investment that is not in question, CNHTC remains UQM’s largest shareholder and our main partner in China. Furthermore, we are optimistic that together we can resubmit our application for approval. We are also exploring other alternatives to solidify our relationship with CNHTC. CNHTC’s subsidiary, Sinotruk, recently placed follow-on orders with UQM for a number of propulsion systems for both the PowerPhase® HD and PowerPhase Pro product lines that will be used for vehicle certification and preparation to produce in the joint venture. We are mutually pushing forward with our joint plans and we look forward to working out the business arrangement that will satisfy all stakeholders and allow us to execute on our overall strategy.”

Mr. Mitchell continued, "We continue to see growth in the commercial EV market globally. We are involved with many new customers and applications, including E-axles, increased trials of our eDT system, and growth in the fuel cell compressor system market. We are excited about the opportunities in front of us and believe that UQM’s outlook for the future is bright.” (www.chinatrucks.com)

Source : businessinsider

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