CATL Signs Battery Venture Deal With Volvo Owner Geely

DEC 25 2018 BY GASGOO 5

World leader in batteries teams with giant Geely.

Zhejiang Jirun Automobile, a subsidiary of Geely Auto, and Contemporary Amperex Technology Co Ltd.(CATL) will set up a joint venture for the research and development, manufacturing and sales of batteries, battery modules and battery packs to enhance their core competence and the ability of sustainable development, both companies said on December 20.

According to the statement, the joint venture will be named CATL Geely Power Battery Co. Ltd, and the registered capital of the new joint venture will be RMB1 billion.  CATL holds a 51% stake of the joint venture while the automaker owns the rest stake. Geely expects the new company will help with the stable supply of key components in electric vehicles. Both parties will enjoy complementary advantages and integrate sources to make preparation for the “post-subsidies era” in new energy vehicle segment.

Geely has around 300 patents in new energy core technologies and has formed an integrated industry supply chain in new energy vehicle segment. The cooperation with CATL will offer strong system support for the implementation of its new energy vehicle strategy.

In November, Geely Auto’s new energy vehicle sales surpassed 10,000 units, up 31% month on month. By 2020, the automaker will launch nearly 40 new energy vehicle models with competitive prices and outstanding performance.

Up to now, CATL has entered into partnership with many global automakers, such as BMW, VW, Daimler, and Jaguar Land Rover. It also has formed joint ventures with several local Chinese automakers, including GAC Group and SAIC Motor.

Source: Gasgoo

Categories: Battery Tech, China, Volvo

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5 Comments on "CATL Signs Battery Venture Deal With Volvo Owner Geely"

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Does this mean the Volvo XC40 electric is imminent?

Don‘t think so. Even the PEHV XC40 has been delayed.

More like delayed to 2020….

CATL is going to be one of the largest battery maker by 2020 if not the largest. Their current capacity is ~13 GWh and expected to increase it to ~90 GWh by 2020.

CATL has deals with many major Chinese companies (SAIC, Dongfeng, GAC, JMC and now Gelly) for batteries along with BMW, VW, Mercedes.

And sole battery supplier for Yutong, the largest electric bus manufacturer in the world.