- CBAK Energy Technology Inc CBAT subsidiary CBAK New Energy (Nanjing) Co., Ltd. has agreed with AZAPA R&D China to develop a customized battery pack for the Sino-Japan joint venture. Deal terms were not disclosed.
- The Sino-Japan JV designs and produces electronic control systems and battery and control systems for electric vehicles.
- The battery pack will initially be used for testing low-speed electric vehicles produced by Daihatsu Motor Co., a subsidiary of Toyota Motor Corp TM. At the same time, CBAK Nanjing will cooperate with AZAPA to jointly explore international markets.
- CBAK will deliver three sample battery pack sets to AZAPA by February 2022.
- Price Action: CBAT shares are trading higher by 2.60% at $1.78 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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