Shanghai (ZXZC)- On May 31, SAIC Motor and QingTao (Kunshan) Energy Development Co., Ltd. ("QingTao Energy") signed an agreement for additional investment and expansion of shares in the latter, as well as a strategic cooperation framework.

Per the agreements, SAIC Motor will increase its investment in QingTao Energy to become the latter’s largest institutional investor. The Shanghai-based auto giant will accelerate the industrial application of QingTao Energy's existing solid-state battery products in its own-brand vehicles.

Photo credit: SAIC Motor

Besides, IM Motors, a premium electric vehicle brand partly backed by SAIC Motor, will put its high-performance, long-range vehicle models equipped with QingTao Energy’s solid-state batteries into volume production in the first half of 2024, according to the agreements.

Furthermore, SAIC Motor and QingTao Energy will establish a joint venture this year to jointly develop the next-generation solid-state battery products with superior safety performance, energy density, and cost competitiveness compared to traditional lithium iron phosphate batteries.

Based on this cooperation, starting from the first half of 2025, IM Motors, Rising Auto, Roewe, and MG will launch multiple mass-produced models powered by solid-state batteries, with annual sales exceeding 100,000 vehicles each.

The agreements were signed a few days after SAIC Motor announced it intended to make additional investments in QingTao Energy through its two investment subsidiaries, as part of efforts to deepen its layout in solid-state battery technology and enhance the competitiveness of its new energy products.

The total investment will not exceed 2.7 billion yuan. To be specific, Jiaxing Chuangqi Venture Capital Partnership (Limited Partnership) will contribute up to 1.97 billion yuan and Jiaxing Qijun No. 1 Equity Investment Partnership (Limited Partnership) subscribes for up to 730 million yuan.