FAW Jiefang Forms a New Energy Vehicle Joint Venture with Battery Giant CATL

CHINA(chinatrucks): Chinese truck maker FAW Jiefang and battery giant Contemporary Amperex Technology Limited (CATL) have set up a joint venture in Zhengding, Shijiazhuang with a total investment of ¥ 500 million, aiming to explore the new energy commercial vehicle market.

Through the JV, FAW Jiefang will work closely with CATL in the business of new energy vehicle sales, separation of vehicles and battries (including operation of battery swapping stations), vehicle leasing and used vehicle trading. The two parties aim to jointly build an ecological chain for new energy trucks to support the city's transition to electrification. The first battery-swapping stations are scheduled to start commercial operation in December this year.

By 2025, the JV is expected to generate 1.5 billion yuan in revenue, build more than 5 city-level battery-swapping networks consisting of 100 stations, and be able to support the operation of 20,000 new energy vehicles, and create 100 million yuan in tax revenue and more than 1,000 jobs.

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

Headquartered in Ningde, Fujian Province, CATL, the world's biggest maker of batteries for electric cars, is a global leader of new energy innovative technologies, committed to providing premier solutions and services for new energy applications worldwide.

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