(Yicai Global) Dec. 21 -- Contemporary Amperex Technology and Changan Automobile plan to establish a power battery joint venture to deepen cooperation between the two Chinese firms.

The JV will develop and make power batteries, large-capacity energy storage battery products, and battery systems, according to a report by Weekly on Stocks. CATL will own 51 percent of the new company and Changan Auto the rest, it added.

CATL will use its innovation capabilities and core advantages in the whole industrial chain, including research and development, production, and after-sales services, to help Changan build the world’s leading electric vehicle products, the Ningde-based battery maker said late yesterday.

Changan Auto had already joined hands with CATL and auto software supplier Huawei Technologies to develop the Avatr 11, the first model of Avatr Technology, the carmaker’s high-end smart EV brand. Mass production began yesterday, and deliveries are expected to start later this month.

Editor: Futura Costaglione