Beijing Automotive Industry Group Corp. will set up a joint venture with Korean conglomerate SK Group and Beijing Electronics Holding Co., an electronics supplier, to build batteries for its electric vehicles, according to Chinese media.The new company, Beijing Electronics SK Technology Co., will be a 19-40-41 partnership of BAIC, SK and Beijing Electronics, reports Beijing Daily, a Beijing-based newspaper.With investment of 1 billion yuan ($164 million), the joint venture will start making batteries in the second half of 2014. Initially it will build up to 10,000 battery packs a year.The venture's partners did not offer further details about the batteries to be produced.BAIC makes gasoline-powered vehicles and EVs under its own brands. Its E150 electric sedan is powered by lithium batteries. The vehicle has a range of 150 km on one charge and a maximum speed of 120 km per hour, according to the company.In Beijing, where it is headquartered, BAIC has joint ventures with Daimler AG and Hyundai Motor Co.
BAIC, Beijing Electronics, Korea's SK Group form EV battery joint venture
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