Feb. 2, 2010 (China Knowledge) - Chongqing Zongshen Power Machinery Co<001696> announced today that it has signed a memorandum of cooperation with Mission Motor Co, a U.S.-based electric-vehicle manufacturer, to invest in the latter and establish a deep cooperation in areas like electric drive systems, source reported.

According to the memorandum, Mission Motors will present Zongshen with a commercial plan for the next three years of development by the end of this month. Both companies expect to complete the investment by the end of June this year. The amount of the investment has not yet been decided.

Zongshen Power plans to build an industrialized research and development platform in Chongqing to introduce an electric drive system to overseas markets. Mission Motors will provide the latest technology, taking into account the relevant performance data.

Mission Motors was founded in 2007 with a registered capital of US$2.2 million and is mainly engaged in researching and developing electric drive systems.