On March 7, 2018, Continental Group and Sichuan Chengfei Integrated Technology Co., Ltd. formally signed a joint venture to jointly develop and produce 48V automotive battery systems. The newly formed joint venture will operate globally and serve customers in Europe, North America, China and other Asian markets. The headquarters of the joint venture company is planned to be established in Changzhou, China, and is expected to begin operations in mid-2018.
It is reported that the joint venture company is responsible for the development, production and sales of low-voltage battery systems. The AVIC lithium battery of Chengfei Group will provide batteries, and the battery management system and other components are still provided by Continental.
Continental is the second largest auto parts manufacturer in Europe. Dr. Degenhart, CEO of Continental Group, said, "Entering the 48V battery system market is an important strategic step for Continental. The establishment of a joint venture will help further consolidate the mainland's 48 volt light mix. The status of system suppliers in the fast-growing market. The cooperation with Chengfei Integration will enable the mainland to enter China, an extremely important market, and is expected to borrow international competition to become a global supplier of battery systems."
The wave of new energy vehicles has impacted traditional cars. The giants of the traditional automobile industry chain have begun to seek transformation. At the same time, the Chinese battery industry, which is developing at a high speed, is seeking breakthroughs, and the two sides have joined forces to become a win-win cooperation.
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