CBAK Energy Technology, Inc. Partners with Anhui Jianghuai Motors Group Co., Ltd Motors to Jointly Develop New Battery Cells
January 11, 2021 at 02:01 pm
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CBAK Energy Technology, Inc. announced that it has signed a three-year strategic agreement with Anhui Jianghuai Motors Group Co. Ltd. for joint product development. JAC Motors is a Chinese state-owned automobile and commercial vehicle manufacturer. Founded in 1964, JAC Motors is among the top four domestic Chinese vehicle brands, has an R&D team of 5,000 people, and is focused on producing energy-saving, environmentally friendly, safe, smart, Web-enabled, and comfortable vehicles. As a pioneer in China's alternative energy vehicle industry, JAC Motors currently provides an expansive electric vehicle product line encompassing SUVs, sedans, and other passenger vehicles. It owns a world-class battery cooling technology and is the sole producer of such technology in China. By the end of 2019, JAC Motors has exported over 640,000 vehicles to the international market. The strategic agreement that CBAK Energy has reached with JAC Motors will combine the former's extensive experience in the research, development, and manufacturing of battery cells with the latter's technology capabilities and electric vehicle industry leadership. By leveraging their shared expertise in product development and applications of both automotive power batteries and battery pack technologies, the two companies plan to jointly develop cylindrical lithium-ion batteries and battery packs, including the 46800 model. Pursuant to the Agreement, the Company will provide customized implementation solutions for power batteries and battery packs based on the latest technical requirements of JAC Motors. Additionally, the two companies will also establish a joint research and development team to design, test, and enhance the adaptability of their new products in electric vehicles. In addition, JAC Motors has committed to prioritizing the implementation of those batteries and battery pack systems jointly developed by the two companies for its future productions of electric vehicles. The partnership will leverage the Company's battery technology leadership and JAC Motors' world-class automotive R&D capabilities to accelerate the growth of both parties. More broadly, by working together, the two companies plan to advance the technology of automotive power batteries and actively explore the implementation of a partnership model that is both effective and capable of advancing their businesses going forward.
CBAK Energy Technology Inc is a China-based investment holding company. The Company primarily operates through two segments. The CBAK's segment mainly includes the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Hitrans' segment mainly includes the development and manufacturing of NCM precursor and cathode materials. The Company's products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. Its products are used in various applications, including electric vehicles (EV), such as electric cars, electric buses, hybrid electric cars and buses and light electric vehicles (LEV), such as electric bicycles, electric motors and sight-seeing cars, and electric tools, energy storage, uninterruptible power supply (UPS), and other high power applications.