Chinese automaker FAW Jiefang forms JV with battery giant CATL-Xinhua

Chinese automaker FAW Jiefang forms JV with battery giant CATL

Source: Xinhua

Editor: huaxia

2022-08-20 01:43:30

CHANGCHUN, Aug. 19 (Xinhua) -- Chinese truck maker FAW Jiefang and battery giant Contemporary Amperex Technology Co., Ltd. (CATL) have formed a joint venture (JV) aimed at exploring the new-energy commercial vehicle market, FAW Jiefang said Friday.

The JV will offer vehicle and battery separation services, vehicle leasing and transportation services, and used vehicle and battery recycling services, according to FAW Jiefang.

Hu Hanjie, chairman of FAW Jiefang, said that, by 2025, the JV is expected to have built more than five urban battery-swapping networks consisting of over 100 stations, with sufficient capacity to serve more than 20,000 new-energy vehicles.

Hu also estimated the JV's total revenue would reach 1.5 billion yuan (220 million U.S. dollars) by 2025.

FAW Jiefang is the truck subsidiary of China's leading automaker FAW Group. Founded in 1953 and headquartered in the northeastern province of Jilin, the state-owned FAW Group is known as the cradle of China's auto industry.

Headquartered in Ningde, Fujian Province, CATL is China's leading automotive lithium-ion battery maker.