BAIC BJEV, the new energy vehicle arm of China's leading automaker BAIC Motor, is cooperating with Sinopec Corp. (SNP.NYSE; 600028.SH; 00386.HK) in the construction of battery swap stations for electric vehicles (EV), according to the Xinhua-run cnstock.com.
The two companies will also create a new business mode that integrates battery swap service and battery operation and enables 200 battery swap EV cabs produced by BAIC BJEV to swap the empty batteries for those with full power quickly at the stations.
The battery swap EV cabs are delivered by BAIC BJEV to Beijing's taxi companies last Thursday.
Their batteries can be swapped within three minutes, which efficiently removes the barrier for pure EV popularization and significantly improve the economic benefits of Taxi companies and drivers.
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