(MENAFN) Chinese carmaker Geely Automobile Holdings Limited will establish a battery joint venture with the country's top lithium battery producer Contemporary Amperex Technology Co. Limited (CATL).
Both companies said that Zhejiang Jirun, an indirect 99 percent owned subsidiary of Geely Auto, and CATL, have agreed that the joint venture would engage in the research and development, manufacturing and sales of battery cells, modules and packs.
With a registered capital of USD145 million, the joint venture will be 49 percent owned by Zhejiang Jirun and 51 percent by CATL.
Geely said: "the joint venture will help ensure a stable supply of lithium batteries for Geely as it pushes forward its new energy vehicle strategy to transform itself into an industry leader."
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