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BYD and Weichai Power will build a power battery development and manufacturing base in Shandong province, where the latter is headquartered.
(Image credit: CnEVPost)
BYD (OTCMKTS: BYDDY), one of the world's largest manufacturers of power batteries, is expanding its customer base.
BYD and Weichai Power, China's largest diesel engine maker, signed a strategic cooperation agreement in Shenzhen on May 12 to collaborate on the joint production of power batteries, according to a post by the latter on Weibo.
Tan Xuguang, chairman and CEO of Weichai, and Wang Chuanfu, chairman and president of BYD, attended the signing ceremony, according to the article.
(Image credit: Weicai Power)
The two sides will produce power batteries in a joint venture in Shandong to build a power battery R&D and manufacturing base to promote the development of new energy commercial vehicles in China, the article said, without providing further details.
Weichai, based in Weifang, Shandong province, posted revenue of RMB 53.4 billion ($7.67 billion) and net profit of RMB 1.86 billion in the first quarter, according to its financial report.
Weichai began its involvement in the new energy business in 2010, especially in the fuel cell sector.
The company has a new energy engine base in Weifang, and its chairman, Tan, is also chairman of Sinotruk, which has a new energy heavy truck manufacturing base in Jinan.
BYD is the world's largest maker of new energy vehicles (NEVs) and the world's second-largest maker of power batteries.
BYD installed 21.5 GWh of power batteries in the first quarter, ranking second globally with a 16.2 percent share, behind CATL's 35.0 percent, according to data released earlier this month by South Korean market research firm SNE Research.
In China, BYD installed 7.32 GWh of power batteries in April, ranking second with a 29.11 percent share, according to the China Automotive Battery Innovation Alliance (CABIA). CATL ranked first in China with a 40.83 percent share in April.
In Shandong, where Weichai is headquartered, BYD has a car assembly plant, a power battery factory and a chip factory.
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China EV battery installations in Apr: BYD regains top spot over CATL in LFP market
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In the increasingly competitive Chinese EV market, EV makers are hoping to capture initial consumer enthusiasm and avoid losing potential orders.
(Image credit: Neta)
Neta Auto, the electric vehicle (EV) brand of Hozon Auto, has begun deliveries of its electric sports car Neta GT, less than a month after the model's official launch, to capitalize on the initial hype.
Neta held a delivery ceremony in Shanghai on May 13 to deliver the first Neta GT EVs to owners, it announced on May 14.
Notably, the two-door, four-seat Neta GT electric sports car was only officially launched on the first day of the Shanghai auto show on April 18, with starting prices of RMB 178,800 ($25,700) to 227,800.
Neta's move to have the Neta GT begin deliveries within a month of its launch demonstrates the desire of EV makers to capture initial consumer enthusiasm and avoid losing potential orders in the increasingly competitive Chinese EV market.
The fact that Neta GT deliveries began shortly after launch validates the company's comprehensive strengths in vehicle development and design, manufacturing, and channel building, Neta said.
(Image credit: Neta)
Neta has been seen as a budget EV maker since its inception, as its vehicles are priced primarily at the lower end of the market, with previous mainstay models Neta V and Neta U priced at around RMB 100,000 to RMB 150,000 in China.
The Neta S is Neta's first effort in the high-end market, priced at around RMB 300,000, and the launch of the Neta GT is expected to further start changing the brand's low-end perception among consumers.
The Neta GT is Neta's second model based on the Shanhai platform after the flagship sedan Neta S. It measures 4,715 mm in length, 1,979 mm in width and 1,415 mm in height, and has a wheelbase of 2,770 mm.
(Image credit: CnEVPost)
The Neta GT is available in single-motor and dual-motor versions, with the single-motor version having a maximum motor power of 170 kW and the dual-motor version having a maximum total power of 340 kW.
The car's battery pack is available in three options -- 64.24 kWh, 74.48 kWh and 77.9 kWh -- and the CLTC range includes three versions -- 560 km, 580 km and 660 km.
In addition to the Neta GT, Neta also gave a debut to a model called Neta GT Speedster, a convertible based on the Neta GT, at the Shanghai auto show.
(Image credit: CnEVPost)
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