Tsingshan and SAIC to Co-Invest in 20 GWH Power Battery Project

SHANGHAI, Mar 25 (SMM) - Ruipu Energy, one of Tsingshan Industry’s subsidiaries, announced on March 24 that Tsingshan Industry and SAIC have signed an agreement to jointly build a 20GWh power battery and system project in Liuzhou, Guangxi, with a total investment of 5.5 billion yuan.  

The project will rely on Tsingshan Industry’s advantages in the research and development and production of new energy batteries and upstream raw materials, as well as SAIC-GM-Wuling’s advantages in the new energy vehicle market.      

SAIC is accelerating its transformation to electrification. In 2021, its sales of new energy vehicles were 732,600 units, a year-on-year increase of 128.93%. In January this year, its sales exceeded 72,000 units, a year-on-year increase of 25.5%. Its sales exceeded 45,000 units in February this year, a year-on-year increase of 48.4%.