UQM Technologies (UQM) has announced this morning that it received an initial order for 50 of its PowerPhase electric propulsion systems from an established international auto manufacturer which may eventually purchase thousands of the systems to prepare for the electric car launch from this unnamed manufacturer in 2012.  Delivery is expected in the 4th quarter and expected to continue through the first quarter 2011.

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UQM CEO William Rankin commented:  “We consider our selection by this international automobile manufacturer to be a significant development and further confirmation of our position as a leading supplier of electric propulsion systems to this emerging market.  We have been in discussion with and under evaluation by this new customer for over six months and have satisfied their demanding requirements for system performance, safety, quality, availability and price. Introduction of this vehicle is targeted for 2012 and we have quoted delivery and price for over 25,000 systems.”

Shares of UQM are surging nearly 10% on the news and getting back above resistance of the 50 day moving average.