Shanghai (ZXZC)- Changan Automobile announced on May 19th in response to investor inquiries that it has established a joint venture with CATL for the production and manufacturing of power battery cells with an annual production capacity expected to reach 25GWh. The joint venture's corporate registration is set to be completed in the first half of this year, and production scheduled within this year.

Photo credit: Changan Automobile

In February this year, Changan Automobile disclosed a public announcement regarding the company's plan to establish a battery joint venture with Changan New Energy and CATL. According to the announcement, the registered capital of the joint venture is 1.5 billion yuan. To be specific, Changan Automobile contributes 285 million yuan, accounting for a 19% stake, Changan New Energy subscribes for 450 million yuan, accounting for a 30% stake, while CATL holds the other 51% stake, which is worth 765 million yuan of the registered capital.

In addition, Changan Automobile has collaborated with CATL and Huawei to launch the high-end new energy brand, AVATR.

According to the Chinese corporate information inquiry platform Tianyancha, AVATR Technology (Chongqing) Co., Ltd., was established in 2018 with its headquarters located in Chongqing, and branches in Shanghai and Munich, Germany. In March 2022, AVATR completed its first round of strategic financing and business information changes, making CATL officially become the second-largest shareholder of AVATR Technology, holding a 23.99% stake.