Xinwangda joins hands with Geely Group and Zhejiang Jirun to develop hybrid batteries

On July 27, the 11th meeting of the 5th Board of Directors and the 11th meeting of the 5th Supervisory Committee of Xinwanda reviewed and approved the "Proposal on the Joint Investment of Wholly-Owned Subsidiaries with Geely Group and Zhejiang Jirun to Establish a Joint Venture Company", agreeing that the wholly-owned subsidiary Xinwanda Electric Vehicle Battery Co., Ltd. and Geely Automobile Group Co., Ltd. (hereinafter referred to as "Geely Group") and Zhejiang Jirun Automobile Co., Ltd. (hereinafter referred to as "Zhejiang Jirun") will jointly invest in the establishment of a joint venture company Shandong Geely Xinwanda Power Battery Co., Ltd. The production capacity construction includes battery cell, module and battery pack production lines, mainly focusing on the supporting production of HEV (48V) power battery packs to meet the needs of Zhejiang Jirun, Geely Group and its affiliates for a full range of HEV automotive power battery products.

This cooperation aims to combine the strengths, which will help give full play to the technical research and development advantages of Xinwangda in HEV batteries and the resource advantages of Geely Group and Zhejiang Jirun, further deepen the cooperation among all parties and achieve win-win cooperation. It will help Xinwangda's power battery products to continue to expand the domestic and foreign business markets, lock in mid-to-high-end customers, expand the business scale, reduce operating risks, and enhance Xinwangda's sustainable profitability and core competitiveness in the field of new energy vehicles, which is of positive significance to the implementation of Xinwangda's medium- and long-term development strategic planning.