The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.
Click on the button below to create your account and get immediate access to thousands of articles.
CATL and GAC Group to set up JVs for automotive power battery products
Abstract : CATL (300750.SZ) announced on Thursday that it will set up two joint ventures (JVs) for automotive power battery products with Guangzhou Automobile Group Co., Ltd (GAC Group) in south China’s Guangzhou City.
BEIJING, July 19 (Xinhua) -- CATL (300750.SZ) announced on Thursday that it will set up two joint ventures (JVs) for automotive power battery products with Guangzhou Automobile Group Co., Ltd (GAC Group) in south China’s Guangzhou City.
According to a filing to the stock exchange, the Shenzhen-listed company will contribute 49 million yuan to a JV with GAC as the first party, representing a 49-percent stake in the JV, while GAC will contribute 51 million yuan and take a 51-percent stake in it.
In the other JV with CATL as the first party, the Shenzhen-listed company will contribute 510 million yuan and take a 51-percent stake in it, while the GAC Group will take the rest.
The JVs will be engaged in development, production, sales of the lithium-ion batteries, power batteries, ultra-large capacity energy storage batteries, and battery systems, and related after-sales and technical consulting services.
Establishment of the JVs will help it realize the stable supply of major components of new energy vehicles, reduce the procurement cost of major components, and promote the development of its new energy vehicles, said the GAC Group. (Edited by Li Haoran, hupingchao@xinhua.org)
Most Read
Related Coverage
Focus
NDRC, Macao SAR sign arrangement on supporting Macao's
February 21, 2019
Chinese vice president meets Djibouti FM
February 21, 2019
China's central bank conducts first CBS
February 21, 2019
China unveils guidelines on prioritizing agricultural,
February 20, 2019
Think Tank
How will Brexit crisis affect China-UK economic ties...
February 20, 2019
It is crucial for China to understand that the first forces active in the Br...
Why China remains a magnet for foreign investment?
February 20, 2019
With all of these new initiatives in the works, it's fair to say that China ...
Greater Bay Area a center of innovation
February 20, 2019
The successful establishment of the Greater Bay Area as a center of scientif...
How Can China’s Economy Maintain Steady Growth at a...
February 15, 2019
China needs to keep expanding its interconnectivity with global markets, pro...
Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.
Click on the button below to create your account and get imhttp://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.