State Grid Corp of China says to jointly tap EV market with CNOOC

Reuters (Beijing) - State Grid Corp of China (SGCC) and the parent of China National Offshore Oil Corp (CNOOC) are seeking cooperative opportunities to tap China's fledgling electric car market, SGCC said on Tuesday.

The central government aims to lift electric vehicle output to 1 million units by 2020 as part of a broader move to cut emissions in the world's most populous country. But a lack of charging facilities and national specifications for electric vehicles have hampered the growth of the country's green car industry.

SGCC, the dominant Chinese power distributor, has been building charging facilities and battery swap stops nationwide, while CNOOC has invested heavily in battery technologies, hoping to gain entry to the green car business.

The top managers of the two companies had pledged to team up on electric vehicle technologies, SGCC said in a statement on its website, without elaborating.

Many auto makers, including Nissan Motor Co Ltd and Warren Buffett backed BYD Co Ltd , are also working closely with local governments to promote emission-free cars.