SEV-US recently announced that it made an offer to buy the Smith Electric Vehicles business from the UK based Tanfield Group. The company has a four month exclusive window to come to agreement on the offer which is reported to be $55 million.
In other developments the company is looking to establish a 50,000 square foot production and sales facility on the East Coast. They are considering locations in New York, Atlanta and Washington D.C. as well as other areas. The new facility is part of an overall plan to eventually open up to ten facilities in large urban markets starting with the East Coast. Cities in other parts of the country being considered include San Diego, San Francisco and Chicago.
Management reports that their Kansas City facility is producing two vehicles per week and ramping up to four per week in the coming months. They also expect the price of their Newton model to drop from $149,000 currently to $90,000 by 2011 as production increases. – Marc Cesare
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