Chinese automaker Anhui Jianghuai Automobile Co. (JAC, 600418.SH) said Tuesday evening the company had signed a framework agreement with Huating (Hefei) Powertrain Co. to set up a 50-50 auto battery joint venture in Hefei, east China's Anhui Province.
With a planned registered capital of 60 million yuan, the joint venture will focus on developing and manufacturing batteries and battery management systems. Founded in April 2010, Huating (Hefei) Powertrain is dedicated to development of battery systems.
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