Chinese state-owned commercial vehicle manufacturer Beiqi Foton Motor Company (Foton) has announced it has agreed to establish a joint venture with Eve Energy Company, a local battery manufacturer, to lease batteries for electric-powered trucks.
The joint venture will have a registered capital of CNY 500 million (US$ 70 million), with each partner investing in an equal stake. The new company is expected to offer various battery leasing options to Foton’s customers, to help boost sales of battery-powered trucks in the local market.
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The joint venture aims to help reduce the initial purchase cost of Foton electric trucks by offering a separate leasing programme for the batteries, which typically account for a significant proportion of the overall cost of an electric vehicle. Foton hopes that the joint venture will increase the competitiveness of its battery electric vehicles (BEVs).
The two companies have yet to confirm the name of the joint venture, as it awaits approval from the Chinese authorities.
Foton recently signed a partnership agreement with Huawei Digital Power Technologies Company to collaborate on the development of advanced electrification technologies for battery-powered trucks and to establish an ultra-fast recharging network.
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By GlobalData
