Chinese EV maker BAIC BJEV injects $36 mln to battery swapping company
BAIC BJEV's battery swapping station (Photo/VCG)
Dec. 2 (NBD) -- BAIC BluePark New Energy Technology Co Ltd (600733.SH) announced on Sunday that its subsidiary BAIC BJEV, an electronic vehicle (EV) maker, has injected 257 million yuan (36.6 million U.S. dollars) in cash to Chinese EV battery services provider Aulton New Energy Automobile Technology Group's (Aulton) subsidiary in Beijing.
Founded in February 2016, Aulton's Beijing subsidiary mainly provides battery swapping services to battery-switchable electric taxis and shared cars operating in the capital city of China. As of the end of November 2019, the company has operated 41 battery swapping stations in Beijing, which could offer instant battery-swapping services to about 4,000 vehicles.
After the investment, BAIC BJEV will hold a 30-percent stake in the Beijing-based battery service company. The capital injection will help the latter better meet the demand for battery swapping services, and further expand the market for battery swapping-enabled new energy vehicles as well.