SHANGHAI, Mar. 22 (SMM) – China’s Chaowei Power Holdings announced to join hands with its controlling shareholder and President Zhou Mingming to set up a JV Zhejiang Pulangte Electric Vehicles, finance.sina.com.cn reported.
The JV will major in technical development and service of new energy cars and strive to establish itself in new energy car manufacturing and sales industries.
Total investment is scheduled to be 150 million yuan ($ 23.12 million) with Chaowei Power injecting 48.33% cash and Zhou injecting 51.67% cash into the JV.
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