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Volvo owner Geely Automobile forms partnership to develop battery-swap services as electric vehicles boom in mainland China
- The Chinese carmaker has formed a joint venture to compete in the battery-swapping sector and capture the rapid growth of the electric vehicle market
- Electric-car makers are increasingly launching battery-swap services, which allow drivers to switch their depleted battery for a fresh one
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Chinese carmaking giant Geely Automobile Group is setting up a joint venture to compete in the battery-swapping sector as the country’s motorists increasingly switch to electric cars.
Geely has set up a 50-50 business with Lifan Technology, backed by total initial capital of 600 million yuan (US$94.86 million).
The new company, Chongqing Livan Automotive Technology, has completed the registration procedures and obtained the necessary business license, Geely said in a stock exchanging filing on Monday evening.
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“Livan Automotive will launch a variety of power-train products in the future,” the stock exchange filing said.
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“Based on its self-developed battery-swapping technology, Livan Automotive is committed to creating an intelligent battery-swapping ecosystem and providing the market with competitive battery-swapping products and services.”
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The term power train refers to the entire mechanism that propels a vehicle along.
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