China Dynamics Forms JV in Dubai to Develop EV Business in UAE
China Dynamics (Holdings) Limited, a provider of new energy vehicles and technology integrated solutions, and W Motors Automotive Group Holding Limited (W Motors) have signed an MoU for strategic business cooperation.
The MoU envisages the formaton a 30:70 joint venture (JV) in Dubai for the manufacture, assembly, sales and distribution of electric vehicles across the world.
With the MOU, a JV under the name of LOKI (Low Emission Kinetic Energy), will set up a small series manufacturing facility in the United Arab Emirates for the assembly of bodies, interiors and other features of electric vehicles.
China Dynamics will serve as the official platform, powertrain and technology provider while W Motors will be the official partner for all designs, styling, assembly and marketing.
LOKI is expected to launch two fully running prototypes within 12 months for testing and pre-order. The new line of electric vehicles will include but will not be limited to pick-up trucks, delivery vans, recovery trucks, tow trucks, garbage trucks, public and private buses and school buses.
Both parties agree to exert efforts in marketing accordingly and they intend to develop a strategic partnership/affiliation between each other for the purpose of tackling relevant opportunities in the Middle East market.
Mr. Miguel Valldecabres Polop, CEO of China Dynamics, said, "We are delighted to sign the MOU with W Motors. As an innovative solutions provider of new energy vehicles and technology, the Group integrates leading technologies in a meaningful and effective way to develop low-cost and high-tech full electric mobility.
"W Motors is a supercar manufacturer and automotive design center that produces, amongst other products and activities, limited-edition vehicles for the international market in close partnership with multinational engineering firms.
"This cooperation will enable us to share our expertise and know-how, with the aim of exploring future opportunities in the ever-growing new energy vehicles sector across the world."