Guoxuan and Tata AutoComp will own 40 percent and 60 percent, respectively. The joint venture will design, develop, test and manufacture battery modules and units, as well as battery management systems for all types of passenger and commercial vehicles.
Electric vehicle (EV) battery makers plan to skyrocket capacity by 2021, adding more than 140 GWh /year (GWh /year) to the total capacity currently produced by four global leaders - Tesla /Panasonic, CATL, BYD and LG Chem. This growth will increase the global electric vehicle production capacity to 273 GWh /year by 2021, an increase of 163 percent in four years.
367,600 NEVs (New Energy Vehicle) were produced in China in January-April, up 58 percent from a year earlier, and sales rose 60 percent to 360,000 units. China's Ministry of Industry and Information Technology predicts 1.5 million NEVs will be produced and sold in 2019.
In January, Guoxuan launched production of lithium-magnesium-aluminum battery parts for new cars.
Tata AutoComp provides automotive components and engineering services to manufacturers and suppliers in India and worldwide.