Naming it Erajingli, CATL and Geely's subsidiary establish a joint venture company.

On August 11th, the “CATL-GLP Power Battery Project,” a joint venture between CATL and Geely Automobile, passed review with a registered capital of 1 billion RMB.

Some information about the project:

  1. Geely Automobile is a subsidiary of Geely Group, which holds more than 50% of the controlling stake in Zhejiang Geely Holding Group Auto Sales Co., Ltd., Lynk&Co Invest Ltd., Geely Automobile Research Institute (Ningbo), etc.

  2. The joint venture established by CATL and Geely is called CATL-GLP Power Battery Co., Ltd., which was established in April 2019 with a registered capital of 1 billion RMB. CATL holds 51% of the shares and Geely holds 49% of the shares. The total investment of the project does not exceed 8 billion RMB.

  3. The company’s business scope includes the development, production, distribution, and after-sales service of lithium-ion batteries, lithium polymer batteries, fuel cells, power batteries, super-capacity energy storage batteries, battery management systems, and rechargeable battery packs; technical services, testing services, and consulting services for lithium batteries and related products.

  4. The project construction period is expected to not exceed 26 months, i.e. just over two years. The construction scale covers an area of about 500 mu.

In the first half of this year, CATL achieved a loading volume of 8.44 GWh, accounting for 48.31% of the domestic power battery market. Since July, CATL has also successively signed strategic cooperation agreements with Honda and Mercedes-Benz. With the promotion of the CATL-GLP power battery project, CATL may cooperate with more automakers in the future. From this perspective, its future market share can be seen.

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.