Kandi Technologies (KNDI) and CBAK Energy Technology (CBAT) said Monday they are partnering to establish two lithium battery production facilities in the US.
The first facility will assemble battery packs and is planned for development in the near term, while the second facility, focused on battery cell production, is a longer-term goal dependent on favorable market conditions, the companies said.
Kandi will own 90% of the battery pack facility, while CBAK will lead the battery cell plant with a 90% stake, they said.
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