CBAK Energy Technology, Inc., Shenzhen, China, (NASDAQ: CBAT), a leading lithium-ion battery manufacturer and electric energy solution provider, today announced that it has signed a three-year strategic agreement with Anhui Jianghuai Motors Group Co., Ltd., Hefei, Anhui Province, China, (“JAC Motors”) for joint product development.
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, CBAK Energy 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.
About CBAK Energy
CBAK Energy Technology, Inc. is a leading high-tech enterprise engaged in the development, manufacturing, and sales of new energy high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian and Nanjing, as well as a large-scale R&D and production base in Dalian.
About JAC Motors
JAC Motors is a Chinese state-owned automobile and commercial vehicle manufacturer. The company is based in Hefei, Anhui Province. 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.