SF Motors Acquires Battery Tech Firm Lead by Tesla Co-Founder
【Summary】SF Motors Inc., a Silicon Valley based electric vehicle unit of China's Chongqing Sokon Industry Group, said Thursday it has bought an EV and battery tech firm founded by former Tesla executive Martin Eberhard for $33 million.
BEIJING — SF Motors Inc., a Silicon Valley based electric vehicle unit of China's Chongqing Sokon Industry Group, said Thursday it has bought an EV and battery tech firm founded by former Tesla executive Martin Eberhard for $33 million.
The acquired company, InEVit Inc., will become a wholly owned subsidiary of SF Motors, one of several Chinese-funded EV startups in China and the United States.
InEVit will continue to operate as a standalone technology firm licensing EV and advanced battery technology to global automakers. Eberhard, co-founder of Tesla Motors, became the company's first CEO. He recently worked with SF Motors as an advisor. As part of the deal, he will become SF Motors' chief innovation officer (CIO) and vice chairman of the board.
"In this new role, Eberhard will primarily focus on technology innovation, product development, product positioning and branding —all with the goal of helping SF Motors meet global EV demands," SF Motors said in a statement.
"InEVit's expertise, patented technologies and manufacturing techniques will be leveraged to help SF Motors to rapidly and profitably scale e-powertrain production for its own future products, and will look to license this technology to other automakers to help speed zero emission vehicle proliferation across the industry."
Established by Sokon Industry, a small automaker in Chongqing producing low-cost micro commercial vans, SF Motors recently established a U.S. research and development center in Silicon Valley and a R&D branch in Ann Arbor, Mich., as well as branches in Germany, Japan and China.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
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