ISTANBUL, Sept. 30 (Xinhua) -- A Turkish automotive company and a Chinese electric vehicle battery manufacturer teamed up to develop and produce battery products for Turkey and the region.
Turkey's Automobile Joint Venture Group (TOGG) and China's Farasis Energy, a producer of lithium-ion batteries, established Silk Road Clean Energy Storage Technologies company "to bring e-mobility solutions to new markets" through the strategic venture, a press release said on Thursday.
The two sides targeted an annual production capacity of more than 20 gigawatt hours with an investment of more than 2 billion euros (2.3 billion U.S. dollars) by 2035.
According to the release, battery cells will be provided by Farasis Energy, and the battery modules and packs will be jointly developed and produced in Turkey. The two companies will also expand their cooperation to provide battery energy storage solutions for Turkey and the region.
TOGG and Farasis Energy launched a strategic partnership last year for the development, production, and supply of lithium-ion batteries, one of the fundamental components of electric vehicles. Enditem