On May 31st, Qingtao (Kunshan) Energy Development Co., Ltd. and Shanghai Automotive Group Co., Ltd. held a strategic cooperation and G+round capital increase and share expansion signing ceremony in Shanghai.
The signing ceremony was presided over by Zhu Jun, Deputy Chief Engineer of SAIC Group, with Chen Hong, Chairman of SAIC Group, Wang Xiaoqiu, Vice President, Wei Yong, and Zu Sijie, Vice President and Chief Engineer; Feng Yuchuan, Chairman of Qingtao Energy, and Li Zheng, General Manager; Zhou Wei, Secretary of the Kunshan Municipal Party Committee, and relevant representatives from Kunshan City leader Xu Min attended.
Feng Yuchuan, Chairman of Qingtao Energy, Wang Xiaoqiu, President of SAIC Group, and Zhou Wei, Secretary of Kunshan Municipal Party Committee, delivered speeches respectively
Chairman Feng Yuchuan, on behalf of Qingtao Energy, sincerely thanks SAIC Group, Kunshan Municipal Party Committee and Government, and Kunshan Development Zone for their long-term support and assistance. He revealed that he has selected elite personnel and prepared to join the joint venture company to develop task books, schedules, and construction drawings, ensure the implementation of various plans, and establish a model of high-quality development and cooperation in Shanghai Suzhou urbanization and Yangtze River Delta integration. Focusing on gathering high-end talents and accelerating the pace of research and development, we will create a globally influential power battery innovation center, focus on SAIC Group's product planning needs, and accelerate the landing and launch of second-generation solid-state battery technology products. We will better provide SAIC with "the best price" and "the best configuration" of the same vehicle model to users, and jointly make positive contributions to China's transition from an "automotive power" to an "automotive powerhouse".
President Wang Xiaoqiu said in his speech that solid-state power batteries have advantages such as high energy density, high safety, and low cost. Faced with unprecedented changes in the automotive industry, solid-state power batteries will become an important force in shaping the development trend of electric vehicles. As a leading enterprise in the field of solid-state batteries, Qingtao Energy has excellent technology and team, while SAIC, as a leader in the domestic automotive industry, has always attached great importance to the research and application of new energy technologies. In future cooperation, SAIC will establish a joint venture with Qingtao Energy to jointly develop second-generation solid-state power batteries and accelerate the large-scale production and application of products with market competitiveness, making new and greater contributions to realizing the dream of becoming an "automotive powerhouse".
Secretary Zhou Wei stated that this signed cooperation is the latest achievement of SAIC Group and Qingtao Energy's mutual efforts and joint development. It is also an important step for Kunshan to deeply integrate into the automotive industry system of the Yangtze River Delta, benefiting from timing, location, and people. As a world-renowned and top domestic automobile manufacturing enterprise, SAIC Group has a global automotive market perspective, strong resource integration capabilities, and key core technologies. It has always been a strong partner in close cooperation with many enterprises in Kunshan. Qingtao Energy is a local science and technology innovation star enterprise in Kunshan, deeply cultivating the new energy industry and leading the industry in solid-state technology of power batteries, becoming a unicorn enterprise with a valuation of over 20 billion yuan. Deepening cooperation and consolidating joint efforts between the two sides will inevitably lead to the formation of more breakthrough technological achievements and leading brand products, and win the initiative and seize the opportunity in the new energy vehicle industry.
Signing Ceremony for Strategic Cooperation and G+Series Capital Increase and Share Expansion
Under the joint witness of the attendees, Li Zheng and Zu Sijie respectively signed the Strategic Cooperation Framework Agreement on behalf of both parties. According to the agreement, SAIC Group will increase its capital and invest in Qingtao Energy, becoming the largest industrial investor in Qingtao Energy; SAIC Group will accelerate the industrial application of existing solid-state battery products from Qingtao Energy on SAIC Group's independent brand vehicle models; Establish a joint venture company to jointly develop a new generation of solid-state battery products with superior safety performance, energy density, and cost compared to traditional lithium batteries.
Under the joint witness of the attendees, Li Zheng and Wei Yong respectively signed the "G+Series Capital Increase and Share Expansion Agreement" on behalf of both parties. SAIC Group has invested an additional 2.7 billion yuan in Qingtao Energy (having participated in Qingtao Energy's E+and F++rounds of financing in 2020 and 2022 respectively), becoming the largest industry investor in Qingtao Energy.
SAIC Group is China's first new energy vehicle and overseas market automobile group with annual sales of "double million vehicles". It has been consistently ranked among the Fortune Global 500 for 9 consecutive years and plans to achieve annual sales of 3.5 million new energy vehicles by 2025. In recent years, SAIC Group and Qingtao Energy have engaged in extensive and in-depth cooperation in product research and development, equity investment, human resources, and other areas. Especially in 2022, we established a solid-state battery joint laboratory with Qingtao Energy to jointly promote the development of automotive solid-state battery materials, battery cells, and systems, and completed the first generation of solid-state battery installation tests. Under the premise of achieving "system level zero thermal runaway", the individual energy density reached 368Wh/kg, and the maximum test vehicle range reached 1083 kilometers.
The deepening cooperation between SAIC Group and Qingtao Energy will enhance their competitive advantages in the second half of the new energy vehicle market; The superior solutions provided by Qingtao Energy in terms of energy and power will help SAIC Group achieve the three-year action plan for the development of new energy vehicles, help SAIC Group move towards the goal of becoming a world-class automotive enterprise with global competitiveness and influence, and support the development of innovation clusters in the new energy industry.
