BAIC Foton plans to set up a joint venture with Ningde Times to carry out operational leasing of new energy batteries.

December 6 news, BAIC Foton Automobile recently announced that the company will jointly fund the establishment of Futian Times New Energy Technology Co., Ltd. (tentative name) with Ningde Times New Energy Technology Co., Ltd. to carry out operational leasing of new energy batteries, jointly open up new energy scene operation market, and enhance the market competitiveness of the company's new energy business.

According to the announcement, the registered capital of the joint venture is 200 million yuan, BAIC Foton plans to contribute 100 million yuan in cash and holds 50% of the joint venture company, while Ningde Times plans to contribute 100 million yuan in cash and hold 50% of the shares.

Futian Motor said in the announcement that the establishment of the joint venture company will help to enhance the market competitiveness of new energy business products and promote new car sales; help to build an ecological chain of new energy business, open up the new energy scene operation market, and gain higher market share; help to grasp the core resources of batteries and establish core competitive advantages.