CBAK Energy Inks Agreement With AZAPA R&D China To Develop Customized Battery Pack

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.