UQM Technologies Signs Joint Venture Agreement with China National Heavy Duty Truck Group Co., Ltd.

November 30, 2017

UQM will be a 25% partner in the joint venture with an option to
increase its ownership to 33% after the first year of operation.
The initial total capital of the joint venture will be $24 million,
with UQM contributing $6 million in three installments over the next
year.
UQM’s funding requirement is contingent on the closing of the Second
Stage Investment with CNHTC.
The joint venture will serve the China market for commercial vehicle
E-drives and the global market for E-axles, and intends to operate its
headquarters in Qingdao, China.
The expected annual production capacity of the JV is 50,000 systems
and it plans to commence operations in 2019.

LONGMONT, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE American: UQM) announced today it
has signed a Joint Venture Agreement (“JVA”) with China National Heavy
Duty Truck Group Co., Ltd. (“CNHTC”) and Sinotruk Global Village
Investment Limited, a Hong Kong based limited liability company owned by
CNHTC. Under the JVA, UQM will acquire a 25% ownership share of the
joint venture with CNHTC and its affiliate collectively acquiring a 75%
share. UQM has the option to increase its ownership position to 33% in
the next one to three years. The initial total capital of the joint
venture will be $24 million, with UQM contributing $6 million in three
installments during the next year. UQM’s funding requirement is
contingent on the closing of the Second Stage Investment with CNHTC, in
accord with the terms of the Stock Purchase Agreement signed by both
parties on August 25, 2017.

The joint venture will be named Sinotruk Qingdao Zhongqi New Energy
Automobile Co., Ltd. and will be headquartered in the city of Qingdao,
China. The purpose of the JV will be to serve the China market for
commercial vehicle E-drives and the global market for E-axles. The
annual production capacity which the JV intends to establish is 50,000
systems, and it is anticipated to commence commercial operations in 2019.

“We are very excited to have signed a joint venture agreement with
CNHTC,” said Joe Mitchell, President and CEO of UQM. “Our strategy for
many years has been to align ourselves with a Chinese partner that would
enable us to have a local manufacturing presence in China. This JV
agreement gives us the opportunity to manufacture and sell our electric
propulsion systems to the largest market in the world for electric
vehicles. We believe that our alliance with CNHTC, given their size,
strength, and world class reputation in the global commercial vehicle
market, combined with UQM’s second-to-none electric propulsion
technology, will generate many opportunities for growth.”

Mr. Ma Chunji, Chairman of CNHTC, said, “The new joint venture with UQM
provides us the best technology to expand our new energy vehicle
presence in China. While we do business in over 100 countries, we also
look forward to using our partnership with UQM to grow in the global
market as well. We look forward to a long and successful relationship
with UQM.”

About UQM

UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck, bus,
automotive, marine, and industrial markets. A major emphasis for UQM is
developing propulsion systems for electric, hybrid electric, plug-in
hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO
14001 certified and located in Longmont, Colorado.

About China National Heavy Duty Truck Group Co., Ltd.

China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the parent
company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading
heavy-duty commercial vehicle manufacturer in China and one of the
largest commercial vehicles groups in the world. Its products are
distributed in over 90 countries worldwide, including in South America,
Africa, Southeast Asia, the Middle East, Ireland and Australia, among
many others.

Since its founding in 1950, Sinotruk has had a long and successful
history cooperating with international partners in developing new
products and markets in China and elsewhere, including Steyr of Austria,
MAN SE of Germany, and Cargotec of Finland. CNHTC has two subsidiaries
listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange,
respectively.

This Release contains statements that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act. These statements appear in a
number of places in this Release and include statements regarding our
plans, beliefs or current expectations; including those plans, beliefs
and expectations of our management with respect to, among other things,
gaining required certifications, new product developments, timing and
manufacturing capacity of the Joint Venture, future orders to be
received from our customers, sales of products from inventory, future
financial results, liquidity, and the continued growth of the
electric-powered vehicle industry. Important Risk Factors that could
cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-K and Form
10-Q’s, which are available through our website at www.uqm.com
or at www.sec.gov.