Shanghai (ZXZC)- Geely Automobile Holdings Limited (Geely Auto or the Company) announced on Wednesday it has signed an agreement with Jirun Automobile and Sunwoda to build a joint venture engaging in the development, production, and sales of hybrid power battery cells, battery modules, and battery packs.

Emgrand EV Pro; photo credit: Geely Auto

Jirun Automobile is an indirect 99% owned subsidiary of Geely Auto. Sunwoda is a China-based company principally working on offering electric vehicle battery-system solutions worldwide.

According to the Company's announcement, the joint venture involves a registered capital of 100 million ($15.417 million), and will be contributed as to 41.5%, 30%, and 28.5% by Jirun Automobile, Sunwoda, and Geely Auto respectively.

Business scope of the joint venture will extend to cover the development, production, sales, and after-sales service of lithium ion batteries, lithium polymer batteries, power batteries, energy storage batteries, battery management systems, and rechargeable battery packs. In addition, it will also engage in technical services, testing services as well as consulting services for lithium batteries and related products.

Geely Auto claimed that the joint venture will utilize the strength, resources, and expertise of all parties in the local manufacturing of batteries for new energy vehicles, so as to ensure a stable supply of electric vehicle batteries for the Company and its subsidies.