Shanghai (ZXZC)- Chinese giant auto group SAIC Motor announced on Feb. 21 it has stepped up the collaboration with stainless steel producer Tsingshan Industry, for the sake of the joint ambition to boost the development of China's new energy vehicle (NEV) industry.

SAIC Motor, Tsingshan Industry signing agreement; photo credit: SAIC Motor

The stronger partnership came after both parties inked a strategic cooperation agreement in November 2021. In early 2022, SAIC Motor led an industrial funding round of Ruipu Energy Co., Ltd. (REPT), a power battery manufacturer backed by Tsingshan Industry.

After deepening the cooperation, the duo will jointly advance the projects about such upstream resources as nickel, cobalt, lithium, and manganese, and coordinate the development of NEV battery technologies and relevant market applications, said the automaker.

SAIC Motor expects the upgraded cooperation to help it improve its deployment of NEV-related upstream materials, as the company is seeing blooming growth in NEV sales.

In 2021, SAIC Motor's NEV sales amounted to around 733,000 units, surging 128.9% year on year. Its monthly NEV sales topped 72,000 units in January 2022, jumping 25.5% over a year earlier.