Xiaomi, CATL, and BAIC have announced plans to form a joint venture and build a gigafactory in Beijing, China to ensure a stable supply of power batteries.
The company’s scope of business includes manufacturing and selling lithium-ion batteries, power batteries, and energy storage batteries.
The three companies are calling the joint venture Beijing Era New Energy Technology, which will have a registered capital of the joint venture company is 1 billion yuan (138 million USD), as reported by CNC.
This announcement marks CATL’s second battery factory to be built in Beijing. The first plant was reportedly meant to supply the batteries reported there for Xiaomi’s electric vehicle Xiaomi SU7.
In regards to the respective company’s shares in the plant, CATL will hold a majority stake of 51 per cent, BAIC 39 per cent and Xiaomi Auto will maintain five per cent.
