According to the agreement, the two companies will work together to create an engineering electric vehicle powertrain solution and provide battery packs for leading European automakers and suppliers.
Ningde Times New Energy acquires 22% shares in Valmet Automotive
CEO of Valmet Automotive, Llpo Korhonen, said: “The strategic cooperation between the two companies can complement the expansion of both companies' electric vehicles. In order to tap the huge potential of this partnership, Valmet and Times New Energy have initiated cooperation to jointly study the two sides in electric vehicles. Field cooperation and development roadmap."
Currently Ningde Times New Energy holds 22%, Pontos holds 39%, and Tesi holds 39%. Time New Energy is a Chinese private automotive battery system manufacturing company that specializes in lithium-ion batteries for electric vehicles. Time New Energy intends to enter the European supplier market through cooperation with Valmet. The Times stated in its latest news that it will develop a 50-gigawatt-hour battery in 2020.
Valmet is a high-end manufacturer. In December 2016, Valmet's body repair shop with 316 robots has been completed in New Cumburne, Finland. The number of robots will gradually increase to 600. The factory will be produced in early 2017. Mercedes GLC SUV. Earlier, Valmet produced the Karma hybrid.
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