Electric truck maker Smith acquires U.K. parent company

December 29, 2010

smith electric.jpgIn a sign of the potential strength of the nascent electric truck market in the United States, the American division of the U.K.’s Smith Electric Vehicles has acquired its parent company.

Smith Electric Vehicles U.S. bought a majority ownership stake in its parent for $15 million from the Tanfield Group, a publicly traded company. Tanfield will retain a 49 percent ownership share of Smith.

“The board of Tanfield believes that a consolidation of the Smith Electric Vehicles U.K. entity into our associate company, SEVUS [Smith Electric Vehicles U.S.], creating a single, larger U.S. based business, would be in the best interests of shareholders, particularly in light of the plans that SEVUS management have for the combined business post this transaction,” Darren Kell, Tanfield’s chief executive, said in a statement.

While electric passenger cars such as the Chevrolet Volt and Nissan Leaf have captured the public imagination, replacing diesel-powered urban delivery fleets with electric vehicles may offer a bigger immediate environmental payoff. Such trucks generally travel relatively short distances and would have access to urban charging stations. And as air quality standards are tightened, pressure will grow to restrict use of heavy-duty diesel vehicles.

Smith, based in Kansas, Mo., makes electric delivery trucks and other battery-powered, heavy-duty vehicles. The United States Department of Energy has awarded the U.S. division $32 million to develop and market its electric trucks.

The company, which said it plans to open up to 20 assembly plants in the U.S., recently sold a pair of its Smith Newton electric truck to the U.S. Marines.

The truck, which has been certified to operate in California, has a range of 100 miles and can carry up to 16,000 pounds with a top speed of 50 miles per hour.

(Photo courtesy of Smith Electric Vehicles.)

One comment

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[…] According to Reuters the American division of the world’s leading manufacturer of battery-powered commercial vehicles just acquired its United Kingdom based parent. […]

Posted by Electric trucks in commercial fleets gain traction — Living LEAF | Report as abusive

[…] According to Reuters Smith Electric Vehicles U.S. (SEV) just bought a majority interest in its United Kingdom based parent. Essentially, this makes the company U.S. based. Considering the state of the budding electric vehicle (EV) market in the U.S., this seems to be a timely proposition. […]

Posted by Electric truck market gaining traction — Living LEAF | Report as abusive

Well this electric car did not get popular, why?because if this truck gets broken some truck parts will be hard to find especially in this one because its an electric truck and some parts will not be compatible with each other unlike in fueled truck. And when it gets broken or some parts will be broken you must take it to an auto shop that specialized in electric vehicles, so it will be really hard for people.

Posted by greatscotty | Report as abusive