Shanghai (ZXZC)- Chongqing Changan Automobile Co., Ltd. ("Changan Automobile") and Zhejiang Geely Holding Group (“Geely Holding”) signed a strategic cooperation framework agreement on May 9.

Under the agreement, the two parties will collaborate strategically in the areas of new energy vehicle (NEV), automotive intelligentization, new energy power, overseas business expansion, and transportation to help Chinese local brands go upscale, create better mobility service experiences for users, and support the Chinese automotive industry in the transformation, upgrading, and high-quality development.

Photo credit: Geely Holding

To be specific, in the field of NEVs, the duo will cooperate on battery cells, EV charging and battery swapping technology, new energy vehicle product safety, and NEV industry layout.

In the domain of intelligentization, the cooperation will pivot on chips, operating systems, vehicle connectivity, high-precision map, and autonomous driving.

Moreover, the two companies will also team up on power platforms and technologies, explore overseas market development and transportation ecology sharing. They also plan to conduct cooperation in industrial internet, blockchain, carbon trading, and other fields.

"From being a follower to a leader, the Chinese automobile industry is currently at a critical stage of transformation and leapfrog development. Both Changan and Geely are outstanding representatives of Chinese automobile companies. This newly-formed cooperation between the two parties will help to create a strong image for Chinese automobile brands, promote industry synergy, and in the face of high-quality development and intense competition in the industry, open up a new era of high-level competition among enterprises," commented by Fu Bingfeng, the executive vice chairman and secretary general of the China Association of Automobile Manufacturers.