Dongfeng Automobile forms JV with Hyper Strong to reinforce NEV tech R&D

Shanghai (Gasgoo)- Dongfeng Automobile Co., Ltd. (DFAC) and Beijing Hyper Strong Technology Co., Ltd (Hyper Strong) recently formed a 50/50 joint venture (JV) focusing on new energy vehicle (NEV) technology development.

The new JV, dubbed Dongfeng Hyper Strong Xiangyang New Energy Technology Co.,Ltd (hereinafter referred to as Dongfeng Hyper Strong), will work on three major domains, namely, the R&D and manufacturing of battery, electric motor and electric control, the sale and operation of complete vehicles as well as the cascade utilization and recycling of traction batteries.

Founded on November 4, 2011, Hyper Strong is dedicated to researching and developing electric vehicle battery management systems and smart grid energy storage systems.

Apart from building the new JV, Hyper Strong has previously cooperated with Dongfeng Motor for several times. In April this year, it signed a strategic agreement with Dongfeng Electric vehicle Co.,Ltd in Beijing to cooperate in such areas as the energy management and application, the cascade utilization of power batteries and the sharing of powertrain platform.

What's more, DFAC announced on July 10 that it plans to plow RMB 50 million in Xiangyang Hyper Strong as part of efforts to enlarge its layout in power battery area. The capital increase will make DFAC possess 50% stake in the target firm.