Shanghai (ZXZC)- Geely New Energy and State Grid Electric Vehicle Service Co., Ltd (State Grid EV Service) signed a cooperation agreement in Beijing on August 4 to jointly promote the new energy vehicle (NEV) development in China, according to local media.

Geely New Energy will form an in-depth partnership with the wholly-owned subsidiary of State Grid Corporation of China by fully exercising and integrating each other's resources and actively exploring innovative business modes. According to the agreement, both parties is about to co-build an intelligent IoV (Internet of Vehicles) service platform, and carry out cooperation in clean energy ecological chain and bespoke NEVs, etc.

Besides, both companies agreed to establish a special group to coordinate, promote and deepen the collaboration, timely solve problems and execute concrete projects.

Under the agreement, Geely New Energy and State Grid EV Service will periodically discuss about how to innovate in such spheres as business modes, capital investment, resource integration and financial reform, etc.

“Automotive is an open industry that should be developed by cooperation and synergistic efforts. We would like to work together with our partners to make the industrial revolution go faster and better. Anyone who fights alone will see few chances of success,” said Li Shufu, Chairman of Zhejiang Geely Holding Group, at the Dragon Bay Forum in May.