In addition to launching Ruilin M1, Chery also presented four other new Electric Cars powered by China BAK’s lithium-ion phosphate batteries, including Ruilin X1, Chery A5, Ruilin G5 and an additional model of its M1 series. During the launch show at Electric Vehicles, several visitors had a chance to test drive the new Ruilin M1.
“We believe the successful launch of Chery’s electric vehicles marks an important milestone for commercial use of our lithium-ion phosphate batteries in the Electric Vehicle (EV) industry,” commented Mr. Xiangqian Li, CEO of China BAK. “The high-quality of our products backed by our world-class research capabilities has facilitated our expansion in the electric car market. Currently, we are the only lithium-ion battery supplier to power Chery’s electric vehicles and will continue to expand our cooperation with Chery. In the future, we anticipate revenue and market share growth from our EV business as we gradually increase production of our high-power cells to meet anticipated market demand.”
Automobile Co., Ltd. manufactures, markets, and exports passenger vehicles in China. It offers cars, SUVs and MPVs, and SPVs. It also provides engines, transmissions, and other components. Chery Automobile Co., Ltd. was formerly known as Anhui Chery Automobile Co., Ltd. The company was founded in 1997 and is headquartered in Wuhu, China with operations in Asia, the Middle East, Africa, North America, South America, and Australia. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.’s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet and have been recently expanded to support the production of larger batteries for various types of vehicles.