Shanghai (ZXZC)- Schaeffler Trading (Shanghai) Co., Ltd. (Schaeffler) and China Automotive Technology and Research Center Co., Ltd. (CATARC) signed a framework cooperation agreement on July 27, announcing that both parties will cooperate closely in various technology areas of new energy vehicles (NEV).

Schaeffler and CATARC will build up a competitive and powerful cooperation mode to promote the development and upgrading of NEVs, through complementing each other with their own advantages.

Schaeffler and CATARC have been keeping a close partnership for several years. According to the agreement, as both parties' cooperation deepens, Schaeffler and CATARC will further collaborate in powertrain testing and diagnosing, function safety, noise vibration, technology standard of NEVs.

The agreement signed between Schaeffer and CATARC will integrate both sides' technical strength to boost technology innovation and further better serve the rapid development of the Chinese NEV market, according to Prof. Dr.-Ing. Peter Gutzmer, deputy CEO and CFO of Schaeffler AG. He also added that Schaeffler will continue to pour money to invest in the Chinese market and actively promote the R&D locally, in order to carry out proper, advanced and China-tailored solutions in the future. Meanwhile, it will also enhance the communication, cooperation and resource sharing with various relevant Chinese scientific research institutions and universities and academies.