BAIC Group receives 100-billion-yuan credit line from Bank of China

Beijing (Gasgoo)- Chinese automaker BAIC Group and the Bank of China recently signed a strategic cooperation agreement. Under which, the Bank of China’s Beijing branch will provide BAIC Group with a strategic cooperation credit line of 100 billion yuan.

Signing ceremony; photo credit: BAIC Group

The two parties will strengthen their collaboration in various sectors, including technology finance, equipment renovation loans, green credit, equity investment, capital markets, supply chain finance, and cross-border finance.

Additionally, on June 18, BAIC Group and battery giant CATL also signed an agreement to deepen their strategic cooperation. In the field of next-generation intelligent chassis, they will collaborate on the next-generation CIIC skateboard chassis platform. This cooperation will involve comprehensive R&D on chassis architecture, systems, processes, cost, and performance balance, integrating scenario-defined vehicles with intelligent and personalized product development.

In the battery swapping sector, BAIC Group has made considerable progress with battery swapping taxis and ride-hailing vehicles. Since CATL launched its Choco-SEB battery swapping service brand, it has promoted standardization in the battery swapping industry through continuous technological and business model innovations.

Leveraging their respective strengths, BAIC Group, CATL, and CATL's wholly-owned subsidiary Contemporary Amperex Energy Service Technology Ltd. will collaborate on the development and circulation of battery swap models and battery blocks, battery-related data management, and regional cooperation on battery swapping stations. The companies will also work together on heavy-duty truck battery swapping business models, including vehicle development, sales, battery sales, leasing, and energy services.