(Yicai) May 21 -- Chinese battery giant Contemporary Amperex Technology, Chinese electric vehicle makers BAIC BluePark New Energy Technology and Xiaomi Automobile, and a unit of state-owned Beijing Energy Holding have established a joint venture to build a smart factory to produce battery cells.

Incorporated in Beijing on May 17, the JV has a registered capital of CNY1 billion (USD138.2 million) and ‘battery manufacturing’ as its operation scope, according to corporate information platform Tianyancha.

CATL owns 51 percent of the JV, which does not yet have an official English name, Tianyancha data showed. BAIC BluePark holds a 39 percent stake, and Xiaomi Auto and the unit of Beijing Energy each have a 5 percent stake.

BAIC BluePark announced on May 9 the set up of an investment platform with a registered capital of CNY390 million (USD53.9 million) with two affiliates under its parent company BAIC Group. The platform would be the one investing in the JV with CATL and Xiaomi Auto.

In mid-January, Beijing Daily reported that CATL would have kicked off construction at a plant in the Chinese capital city as early as this year, citing the Beijing Municipal Commission of Development and Reform. “No information is available for disclosure so far, the Ningde-based company told The Paper back then.

CATL has 11 production bases in China, most of which are in the southern regions. Building a plant in northern China would help the firm win more customers in that area.

At a technology release conference on Dec. 28, Xiaomi’s Chairman and Chief Executive Officer Lei Jun unveiled Xiaomi Auto’s five core self-developed technologies, including some related to batteries. One of them was the Xiaomi 800 Voltage battery pack jointly developed with CATL.

Editor: Futura Costaglione