Chinese automobile maker GAC Group and lithium-ion batteries manufacturer Contemporary Amperex Technology Co. Ltd (CATL) plan to infuse 4.2 billion yuan ($609 million) in the companies’ recently-formed electric vehicle (EV) battery venture.
CATL said that the infusion will boost business development, build up its market status and meet customer demand.
In November GAC Group partnered with Japanese automaker Honda Motor Co. to inject approximately $478.4 million to boost production of new-energy vehicles.
GAC Group generates $250 million in revenue annually.