Shanghai (ZXZC)- SAIC Motor and QingTao (Kunshan) Energy Development Co., Ltd. (QingTao Energy) are poised to establish a joint venture named SAIC QingTao New Energy Technology Co., Ltd. (subject to approval by the Market Supervision Administration) to enhance their competitive edge in the new energy vehicle market, QingTao Energy announced on August 30 via its WeChat account.

The joint venture will involve a registered capital of 1 billion yuan, which is set to be 51/49 split by QingTao Energy and SAIC Motor, respectively.

This significant collaboration followed SAIC Motor's investments in QingTao Energy through funds in 2020, 2022, and 2023. As of now, SAIC Motor's cumulative investment in QingTao Energy totals around 2.9835 billion Yuan, indirectly bestowing the latter with approximately 15.29% equity, solidifying its position as QingTao Energy's largest industrial investor.

Photo credit: QingTao Energy

The establishment of this joint venture is poised to mark a new phase of collaboration between QingTao Energy and SAIC Motor. They are committed to producing a next-generation solid-state battery that boasts exceptional cost-effectiveness through cutting-edge technology and low-cost raw materials. The paramount goal remains ensuring high battery safety while expediting the industrial application of these batteries in vehicles, said QingTao Energy.

Founded in 2016, QingTao Energy focuses on the R&D and production of solid-state lithium batteries, ceramic separators, and lithium battery production equipment. It has achieved independent control in terms of core materials, core processes, and customized equipment for solid-state batteries, and is one of the earliest domestic solid-state battery companies in China to achieve mass production and delivery.

Qingtao Energy said is dedicated itself to cultivating an industrial cluster encompassing "new energy materials - solid-state lithium batteries - lithium battery equipment - research output incubation - industrial investment."