Changan Makes an 519 Million RMB Investment in CATL
03 November 2017
On October 31, Changan announced that its acquisition of the shares of CATL held by Zhenjiang Demao Hairun Fund. The deal was made with a total investment of 519 million RMB.
In June this year, Zhenjiang Demao Hairun Fund bought 1.18% shares of CATL with a total investment of one billion RMB. After the deal, Changan held 0.3855% shares of CATL.
According to Changan, it signed a strategic cooperation agreement with CATL in June this year.The acquisition of the shares of Zhenjiang Demao Hairun Fund can further strengthen its cooperation with CATL. So far, the two parties have already launched their EV and PHEV projects.
Through the acquisition, Changan will further strengthen its competitiveness in power battery sector and new energy vehicle sector, bringing profoundly positive impacts to the company’s continued growth.
CATL was established in December, 2011 with a registered capital of 1.955 billion RMB.Located at No.1, Xingang Road, Zhangwan Town, Jiangcheng District, Ningde, Fujian province, the company is specialized in developing and producing lithium batteries, fuel cells, power batteries, super capacitors, battery management systems, recharging battery units and power storage systems.With its production volume ranking among the top three, CATL is extremely competitive in the international market.
On October 19, Changan officially launched its Shangri-la Plan, which covers new energy vehicle operation platform, auto rental services and vehicle research and development. The auto maker also revealed that its fossil-fuel powered vehicle business would discontinue in 2025. To make a smooth transition from a fossil-fuel powered vehicle manufacturer to a service provider of overall new energy transport solutions, the company is planning to make an investment of 100 billion RMB. Changan has set up 15 laboratories in the six major areas of new energy vehicles and has already owned over 580 patents, according to Zhang Baolin, president of Changan. From January to September, Changan’s sales volume of new energy vehicles exceeded 35,000 units, up by 150% year on year. It is expected that its sales volume for the whole year will break 50,000 units threshold.(www.chinabuses.org)
Source : www.chinabuses.org
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