(Yicai) Sept. 14 -- Enpower Electric, a Chinese supplier of power system components for electric vehicles, has agreed to set up a joint venture on off-highway electrification products and software in China with German auto parts giant Robert Bosch.

The venture will develop and make high-voltage electrical devices for new energy off-highway engineering machinery or trucks, device software, and vehicle gearboxes, Zhuhai-based Enpower Electric said in a statement late yesterday. 

The new company will be set up in Shanghai with a registered capital of CNY100 million (USD13.8 million). Enpower Electric will have a 50 percent stake, while Robert Bosch Internationale Beteiligungen and Bosch China Investment will own the rest. The Chinese firm did not disclose any further details about investment and planning for the JV factory.

The plant’s products will use its own brand for marketing in China, Enpower Electric noted, adding that it could use the brand of Bosch Rexroth, a drive and control technologies firm, in the international market if it secured approval and paid corresponding fees to Gerlingen-based Robert Bosch.

Through the business synergy and resources integration of Enpower Electric and Robert Bosch, the new venture will provide Chinese and overseas engineering machinery vendors with technology and cost competitive power assembly products, it pointed out.

Shares of Enpower Electric [SHE: 300681] fell 1.3 percent to close at CNY17.30 (USD2.37) each in Shenzhen today, after trading as much as 2.5 percent higher in the early morning.

Editor: Martin Kadiev