CATL, FAW Group establish joint venture to develop EV batteries

SHANGHAI, Feb 27 (SMM) – Battery maker CATL and auto maker FAW Group have established a joint venture in Xiapu county of Fujian province to develop batteries used in electronic vehicles (EV).

According to business and civil data aggregator Qixin.com, the venture was established on January 31, with registered capital of 2 billion yuan. CATL invested 1.02 yuan to hold 51% of the shares of the venture, while the rest is held by FAW Group.

The venture will engage in the research and development, production and sales of lithium-ion batteries, motive batteries, ultra-large-capacity storage batteries and battery systems. It will also provide post-sales and technology consulting services.