Continental and CITC establish a joint venture for manufacturing 48-volt battery systems for the hybrid market in the automotive industry.
12 Mar 2018 | 4483 Views | By Autocar Pro News Desk
German technology major Continental to hold 60 percent and Chinese automotive supplier and battery manufacturer CITC (Sichuan Chengfei Integration Technology Company) will hold 40 percent in the joint venture. The operations is stated to begin in mid-2018 in China.
The partners through their respective subsidiaries establish a joint venture for the ...
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German technology major Continental to hold 60 percent and Chinese automotive supplier and battery manufacturer CITC (Sichuan Chengfei Integration Technology Company) will hold 40 percent in the joint venture. The operations is stated to begin in mid-2018 in China.
The partners through their respective subsidiaries establish a joint venture for the development and production of 48-volt battery systems for the automotive industry.
Tha planned location of the company's headquarters is Changzhou, near Shanghai. The partners stated that establishment will help them to become one of the leading 48-volt battery system manufacturers in the global market with the target customers being in Europe and North America, as well as China and other Asian markets.
From left to right: Enno Tang, President and CEO Continental China and Xiaoqing Shi, Board Chairman and General Manager of CITC.
Dr Elmar Degenhart, CEO, Continental said “Entering the 48-volt battery systems business is a strategically important step for Continental and one that will further strengthen our position as a system provider on the fast-growing mild hybrid market.”
Xiaoqing Shi, board chairman and general manager, CITC said: “Continental and CITC are engaging in providing energy-saving and carbon emission reduction battery system solutions to meet the demand of global consumers in energy-efficient vehicles.”
CITC is owned by AVIC (Aviation Industry Corporation of China), its subsidiary CALB (China Aviation Lithium Battery Company) has extensive expertise in developing and producing lithium-ion cells. The joint venture will allow Continental to offer, from a single source, its 48-volt mild hybrid system, which first began production in early 2017.