The new joint venture co-founded by CATL and Cowin will increase the competitive advantages for both companies.
Contemporary Amperex Technology Co., Limited (CATL) (Chinese: 宁德时代）, a Chinese lithium battery developer, has launched a new joint venture with Cowin Auto (Chinese: 凯翼汽车) which is a subsidiary of the Chinese automaker Chery Automobile (Chinese: 奇瑞汽车)
The new company, Yibin Times Kaiyi New Energy Technology （Chinese: 宜宾时代凯翼新能源科技), is with registered capital of around CNY 20 million. Its services encompass recycling and cascading disposal of decommissioned traction batteries, production and sale of batteries, and emerging technology research and development (R&D) etc.
Since 2019, CATL, as the world’s biggest battery maker, reached investment and cooperation agreements with the city of Yibin, in the southwestern part of China’s Sichuan Province. CATL and Yibin municipality government cooperated comprehensively in the field of next-generation batteries and new vehicles, jointly construct a new energy industry base in the west of China.
In February 2022, Cowin Auto and Huawei signed a comprehensive cooperation framework agreement, in which both sides will conduct in-depth cooperation in enterprise digital transformation, development of automotive intelligence and connected services etc.
Cowin Auto expects 500,000 units of vehicle production and sales and 200Gwh of the total production capacity within next five years. The scale of the total production output value will reach CNY 400 billion.