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BEIJING, March 15 (TMTPOST) —— CATL has signed a strategic cooperation agreement on business cooperation and advanced technology empowerment with BAIC Group, according to its announcement made on Tuesday.

The two companies plan to jointly develop power battery products and explore the new energy vehicle market.

Han Wei, the co-president of CATL Market System, and Liu Yu, the vice president of BAIC Group and chairman of BAIC New Energy, signed the agreement on behalf of their companies. Zeng Yuqun, the chairman of CATL, and Jiang Deyi, the chairman of BAIC Group witnessed the signing.

According to the agreement, CATL will be deeply integrated into the vehicle development and production of the self-owned brand-new energy vehicle enterprises under BAIC Group, and provide competitive power battery products and services. The two sides will build a closer strategic cooperative partnership and carry out comprehensive cooperation in power batteries.

At present, the global automobile industry is facing electrification and digitalization. For many years, China"s new-energy automobile industry has ranked among the top in the world in terms of vehicle production and marketing scale, power battery industry scale, and charging infrastructure quantity. As an important part of the green industry, the power battery industry has unprecedented development opportunities against the backdrop of carbon peak and carbon neutrality.

As a pioneer in the domestic new energy automobile industry, BAIC Group has been adhering to independent innovation in the field of new energy vehicles and focuses on innovation. As a leading enterprise in China"s new energy vehicle battery industry, CATL has extensive influence in the international market with its core technologies and products. By combining the technology and market advantages of BAIC Group with the core technology and product advantages of CATL, this cooperation will inject new vitality into the development of China"s new energy vehicle industry.

It is understood that the cooperation between BAIC Group and CATL can be traced back to 2010. The two sides have continuously strengthened cooperation in supply, technology development, standard setting, and after-sales service over the past 13 years. The signing of this strategic cooperation agreement will further deepen bilateral cooperation and provide more impetus for the strategic expansion of both sides.

Rooted in the Chinese culture while embracing the global culture, CATL was founded in 2011, and strives to be a global premier innovative technology corporation and is committed to providing premier solutions and services for new energy applications worldwide. The company"s latest financial results for 2022 show that it earned 328.6 billion yuan ($47.6 billion) in revenue and 30.7 billion yuan ($4.4 billion) in net profit.

BAIC Group is a Chinese state-owned enterprise and holding company of several automobile and machine manufacturers located in Beijing. It is a high-tech listed company controlled by Beijing Automotive Group Co., Ltd. It is also a provider of integrated green and smart traveling solutions and one of the leading new energy vehicle enterprises in China. Its main business includes R&D, design, production, and sales services of pure electric passenger cars. At present, it is committed to building two major brands: ARCFOX and Beijing Auto.