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BAIC to establish new JV with Korean SK Group specializing in battery production

Carmen Lee From Gasgoo.com| July 15 , 2013 16:29 BJT

Gasgoo.com (Shanghai July 15) - BAIC Group and Beijing Electronics Holding have signed an agreement with Korean conglomerate SK Group to establish a joint venture enterprise manufacturing electric vehicle batteries, Beijing News reported today.

The one billion yuan ($161.64m) joint venture company, which will be based in Beijing, will be 41 percent owned by Beijing Electronics, 40 percent owned by SK and 19 percent owned by BAIC. Among its upcoming projects, it will develop China's first fully automated module production line and first partially automated battery assembly line.

BAIC aims to manufacture and sell over 200,000 energy efficient and new energy vehicles in 2015. The new JV will go a long way in helping the manufacturer accomplish that goal.

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