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Detroit Electric's EV business gets a $1.8 billion jumpstart
Do you remember Detroit Electric? You're forgiven if you don't -- the American automaker vowed to make electric sports cars exciting back in 2013, but a combination of production delays (it delivered its first car in 2016) and Tesla's rapid rise largely robbed it of its thunder. However, it's about to get another shot at glory. Detroit Electric has unveiled a $1.8 billion joint venture with Chinese electric company Far East Smarter Energy that should kickstart its plans. The alliance will initially help ramp up production of the SP:01 sports car by the end of 2017, and pour $370 million into expanding Detroit Electric's European operations over the next 4 years.
