China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a global manufacturer of lithium-based battery cells, announced that the Company's Shenzhen-based subsidiary entered into a strategic cooperation program to develop electric vehicle (EV) battery modules and high-capacity battery products with input from FAWER Automotive Parts Limited Company, or FAWER, a subsidiary of China FAW Group Corporation, or FAW, one of China's leading vehicle manufacturers.
Under the new program, China BAK and FAWER will cooperate in developing EV battery modules and high-capacity battery products. As part of the program, FAWER has placed a sample order for the Company's EV battery modules. FAWER is expected to test the batteries in certain electric vehicles under development by FAW.
"We are pleased to enter into a new strategic cooperation program with FAWER to develop EV battery modules and high-capacity battery products, which reflects the growing market recognition of our electric vehicles' battery cells and battery modules. In addition to having its obviously close relationship with FAW, FAWER is an important parts and components supplier for other well-known vehicle brands in China. Our cooperation with FAWER is expected to encourage similar cooperative programs with other automobile manufacturers," commented Mr. Xiangqian Li, CEO of China BAK. "We also believe that this joint effort to develop advanced battery modules used in EV will foster a mutually beneficial relationship in the rapidly growing EV market," added Mr. Li.
