Shanghai (ZXZC)- Foton IBLUE Auto and Foton AUV, two subsidiaries of Chinese automaker Foton Motor, forged partnerships on Sept. 13 with CATL·GLP, a subsidiary of CATL, to conduct the strategic cooperation on new energy commercial vehicle-used battery finance and innovative business models.

Foton IBLUE Auto, Foton AUV forming partnerships with CATL·GLP; photo credit: Foton Motor

According to Foton Motor's statement, all parties will carry out in-depth collaboration on a number of businesses like the management of new energy vehicles, the operation of battery assets, and automobile finance. Specifically speaking, the cooperation will focus on the application of Foton Motor's new energy commercial vehicles and car rental business model, battery banking service (a business model referring to the separation of vehicles and batteries), as well as battery swapping stations.

Foton AUV is a strategic business unit of Foton Motor focusing on buses and coaches. Based on the MoU (memorandum of understanding) it signed with CATL·GLP, Foton AUV will make full use of its advantages in the production and sales of buses and coaches to co-expand market with the partner.

Foton IBLUE Auto is dedicated to manufacturing and selling new energy commercial vehicles. It will co-work with CATL·GLP on the development and promotion of auto products, and jointly boost the upgrade for a highly efficient intensive management of new energy vehicle market.

Founded in 2020 as a joint venture between CATL and the Singapore-based real estate investment group GLP, CATL·GLP aims at expanding the use of new energy through asset-as-a-service offerings and advancing sustainability in logistics and transportation.