A planned joint venture will manufacture battery cells for electric commercial vehicles and industrial applications.
Total investment is expected to be in the range of US$2bn-$3bn for the 21-gigawatt hour (GWh) factory.
The three companies will each own 30% of, and jointly control, the joint venture, which will initially focus on lithium-iron-phosphate (LFP) batteries for commercial battery electric trucks.
LFP battery cells are claimed to offer lower cost, longer life, and enhanced safety, without the need for nickel and cobalt raw materials.
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EVE Energy will be the JV technology company with 10% ownership and will contribute battery cell design and manufacturing ability. It is a global LFP battery cell maker.