China: GAC and CATL found two joint ventures
The Chinese automobile manufacturer GAC and the battery cell supplier CATL have founded two joint ventures in Guangzhou to produce and market batteries for BEV’s and PHEV’s. The corresponding contract was signed today.
With a starting capital of 1 billion Yuan (about 127 million euro) the first JV, called Amperex GAC Power Battery will focus on manufacturing and developing batteries, as well as after-sales and a consulting service. The second one will start with a fund of 100 million Yuan (13 million euro) and will be called GAC Amperex Power Battery System, which will focus exclusively on battery development and sales. GAC and CATL each own 51 and 49% of the companies, respectively.
“The joint ventures are going to deepen cooperation between CATL and GAC Group in the field of new-energy vehicles. We will fully take advantage and leverage the resources of both parties to further expand business scale, and enhance profitability and competitiveness,” said CATL in a statement.
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