CBAK Energy Technology Signs Supply Framework Agreement With Zhejiang Kandi Vehicles

(RTTNews) - Chinese lithium-ion battery maker and electric energy solution provider CBAK Energy Technology, Inc. (CBAT), Friday said it wholly owned subsidiary, Dalian CBAK Energy Technology Co., LTD signed Supply Framework Agreement with Zhejiang Kandi Vehicles Co., Ltd., a wholly owned subsidiary of Kandi Technology Group (KNDI) in Hangzhou, Zhejiang province.

They will promote the development of pure electric vehicle together. A long-term strategic cooperation partnership would be built for the development, supply and recycling of power batteries.

According to the Supply Framework Agreement, Kandi Vehicles is planning to purchase RMB800 million (about $120 million) worth of battery pack system and customized battery manufacturing service in 2021.