(Yicai Global) May 21 -- Units of Chinese electric car startup NIO Automobiles Co. and Yinyi Group Co. are teaming up to develop transmissions for all-electric vehicles amid increasing demand.
NIO Power Technology Co. and Bangqi Automatic Transmission Co., both based in Nanjing, will start mass production at a factory in Ningbo next year, aiming to produce 200,000 units a year by 2020, Yinyi said in a statement. The 50-50 joint venture will have a registered capital of CNY60 million (USD9 million).
The partnership will help the companies to accelerate the research and development of electric-car technologies such as the production of rechargeable batteries and battery management systems, the statement added.
Editors: Emmi Laine, William Clegg