SAIC Motor and Qingtao Energy jointly establish a joint venture

SAIC and Qingtao Energy plan to jointly establish SAIC Qingtao New Energy Technology Co., Ltd. with a registered capital of RMB 1 billion, of which Qingtao Energy holds 51% and SAIC holds 49%. Since 2020, SAIC has invested in Qingtao Energy several times, with a cumulative investment of RMB 2.9835 billion, becoming its largest industrial investor. The new company will be committed to developing a new generation of cost-effective solid-state batteries, promoting their industrial application in complete vehicles, and boosting the development of China's automotive industry.