Eve Energy (300014.SZ) inked an agreement with Hawtai Motor (Tianjin) on Wednesday to set up an auto battery joint venture.
As agreed, the joint venture will be dedicated to the manufacture of batteries and battery management systems.
The joint venture will have a registered capital of 100 million yuan, with 70 million yuan from Hawtai Motor (Tianjin) and 30 million yuan from Eve Energy.
Hawtai Motor (Tianjin) will hold a 70 percent stake in the joint venture, while Eve Energy takes the remaining 30 percent. Hawtai Motor (Tianjin) specializes in producing new energy vehicles and related auto parts.
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