CBAK Energy to supply battery packs to EV manufacturer Kandi Vehicles
CBAK Energy Technology, a lithium-ion battery manufacturer and electric energy solution provider, said that its fully owned subsidiary – Dalian CBAK Energy Technology has signed a supply framework agreement with Zhejiang Kandi Vehicles.
The agreement is for the joint promotion of the development of pure electric vehicles (EVs).
Zhejiang Kandi Vehicles is a fully-owned subsidiary of Kandi Technology Group based in Hangzhou, Zhejiang province.
As per the supply framework agreement, Kandi Vehicles will look to buy RMB800 million ($120m) worth of battery pack system and customized battery manufacturing service from CBAK Energy Technology in 2021.
CBAK Energy Technology is expected to help the electric vehicles of Kandi Vehicles to further upgrade.
CBAK Energy Technology stated: “There is no doubt that CBAK Energy and Kandi Group will extend the in-depth and long-term cooperation, which would facilitate the vehicle industry to become greener and smarter. Win-win result and development would be brought for both parties.”