Korean electric cars will be driving on China's roads. Korean electric car manufacturer CT&T on Thursday signed a memorandum of understanding with China's state-run Beijing Automotive Group and Korea's SK Energy to form a joint venture to produce and sell electric-powered vehicles.
The venture will invest W100 billion (US$1=W1,127) to build a plant with an annual production capacity of 50,000 units in Beijing this year.
Beijing Automotive Group will hold a 50-percent stake in the venture, with the other half split equally between CT&T and SK Energy. SK Energy will supply the cars' lithium ion batteries.
Beijing Automotive Group also runs Beijing Hyundai Motor, a joint venture with Korean carmaker Hyundai Motor.
