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Shanghai - 25 April 2013 - Geely Automobile Group, a prominent China-based global car manufacturer, and Detroit Electric Inc, a leading electric vehicle manufacturer, have announced at the Shanghai Motor Show that the two companies have entered into strategic partnership to co-develop pure electric vehicles and related electric drive systems for the Chinese market. Under the terms of the partnership the first model of pure electric vehicles will go on sale under Geely?s Emgrand brand starting in 2014.

After an initial three years of feasibility studies and a joint development programme, the two companies have selected Geely's best-selling Emgrand EC7 model in the domestic Chinese market as the base vehicle on which to develop a class-leading pure electric vehicle.

The EC7-based EV, called the EC7-EV, will be co-branded with a �Detroit Electric - Technology? badge and sales are expected to commence in the first quarter of 2014. The vehicle will initially besold primarily to business users and public-sector organisations, and the two companies areforecasting sales of around 3,000 units in the first 12 months, growing to 30,000 in three years time.

A joint development and engineering team has been formed to work together in all areas of the EV powertrain solution, including electric motor, vehicle management system, advanced thermo-managed battery pack, battery management system and a twin-speed high-torque gearbox. The partnership also extends to the formulation of a joint venture company to manufacture the critical EV powertrain components and associated parts, situated close to Geely?s headquarters inHangzhou, the capital of Zhejiang province. Geely also operates six car assembly and powertrain manufacturing plants across China.

The new EC7-EV model will offer both medium-range (with a driving range of 165km per charge)and long-range options (an approximate range of 258km per charge). Building on Detroit Electric?s performance DNA, the vehicle can deliver class-leading acceleration (0-100kph acceleration under eight seconds) and a top speed exceeding 200kph. Whatever the preferred performancecharacteristics for the chosen chassis, the innovative Detroit Electric twin-speed high-torquegearbox is engineered to provide exceptional levels of energy efficiency.

"This is a very significant step in the development of the Detroit Electric business and is testimony to our innovative technology and engineering capabilities," comments Albert Lam, Chairman and Group CEO of Detroit Electric. "Detroit Electric will jointly develop the EC7- EV, covering all aspects of the powertrain and chassis, safety, vehicle dynamics, system integration, NVH and other items. We have been working alongside Geely for some time to optimise the EV drive technologies for integration into the vehicles and this partnership will now fast-track both Geely and Detroit Electric to realising the great EV market potential in the Chinese market. I am confident that we can become a leader of pure electric vehicles in the Chinese market within the next 18 months. I am sure it is going to be a world class product."

Mr Feng, President of Emgrand, added: "Our partnership with a leading electric vehicle technology provider such as Detroit Electric will enable us to enhance and accelerate our own expertise and knowledge in this area. The EC7-EV will enable us to provide a wider vehicle choice to ourcustomers and it also reiterates our commitment to providing alternate energy vehicles to the market in China."

Earlier this month Detroit Electric unveiled its first production vehicle, the SP:01. Boasting andimpressive 249 km/h top speed and covering the 0-100km/h sprint in a blistering 3.7 seconds, the SP:01 is the world?s fastest pure-electric production car. The SP:01 also makes its public debut at the 2013 Shanghai Motor Show.

-Ends- Notes to editors:

About Detroit Electric:

Detroit Electric is an iconic brand in the electric vehicle sector. The company began life in 1906 and soon established itself as the market leader and most prolific manufacturer of electric cars.

The brand was revived in 2008 by Albert Lam, former Group CEO of the Lotus Engineering Groupand Executive Director of Lotus Cars of England, with a vision to produce an electric vehicle that seamlessly integrates refined aesthetics, innovative technology, superior handling and performance.

In March 2013 Detroit Electric announced the establishment of its corporate headquarters in the iconic Fisher Building, located in downtown Detroit. The company?s first production car, the SP:01 goes on sale in many of Detroit Electric?s target markets by the end of August. It will be followed by a new family of all-electric production cars. The SP:01 will be produced at a new Detroit Electric production site in Wayne Country, Michigan. The dedicated facility will have an annual capacity of 2,500 vehicles and create over 180 manufacturing and sales-related jobs.

PR contact: For further information, photography or comment about Detroit Electric, please visit the media section of the Detroit Electric website: (www.detroit-electric.com) www.detroit-electric.com or contact Detroit Electric?s PR agency - PFPR Communications:

Alex Michaelides T: +44 (0) 1622 766529 E: (pfpr.com) alex.michaelides@pfpr.com Peter Cox T: +44 (0)1622 766527 M: +44 (0)7753 859079 E: peter.cox@pfpr.com

About Zhejiang Geely Holding Group Co., Ltd:

Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China. Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing. They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions. Today, they are one of China?s fastest growing automotive manufacturers, as well as the industry?s leading privately held group.

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