A123 Systems Inc. (NYSE: AONE) is expanding its partnership with SAIC Motor Corporation Limited that began in 2009 with the founding of Advanced Traction Battery Systems, a battery pack joint venture company.
The updated agreement outlines the business operations and required investment for a new battery manufacturing facility in China.
The new facility will serve the local market and is to produce A123's 20Ah prismatic cells at a faster pace, increasing cost-effectiveness and catering to the growing demand of lithium ion battery systems across a variety of markets in China.
In addition to its recently amended joint venture agreement with China's leading automotive manufacturer, SAIC Motor, A123 also recently announced that it will be partnering with Tata Motors Ltd. (NYSE: TTMT), India's largest automobile company.
A123 will be supplying its lithium-ion battery packs for Tata Motors' hybrid diesel-electric commercial transit vehicles.
A123's advanced lithium-ion battery technology and newly established or expanded joint venture deals with both China's and India's top automotive manufacturing corporations have positioned the company as “the leading provider of lithium-ion battery technology for the truck and bus segment”, in the words of A123's automotive group vice president, Jason Forcier.
Until next time,