Benzinga | Sep 22, 2021 06:49AM EDT

Allison Transmission Signs Strategic Collaboration With Jing-Jin Electric

* Allison Transmission Holdings Inc (NYSE:ALSN) has signed a partnership agreement with Jing-Jin Electric (JJE), a Chinese vehicle motor and power system maker, to develop electrified powertrain solutions for global commercial vehicles.

* The strategic collaboration partnership will allow both parties to benefit from a global manufacturing presence and service networks to support customers in local markets.

* In addition, Allison has committed to providing debt financing supporting JJE North America's commercial vehicle electric drive product development, testing, and manufacturing acceleration efforts.

* Price Action: ALSN shares closed lower by 0.11% at $35.25 on Tuesday.