According to the contract, China BAK will supply 100 units of lithium-ion high-power batteries, which will be used to power Chery’s electric cars in the first half of 2012. Ruilin M1 is Chery’s first Lithium-ion solution EV which was officially launched at the 25th World Electric Vehicle Symposium and Exposition in November 2010. China BAK will deliver these batteries to Chery by the end of June 2012.
"We are pleased to expand our cooperation with Chery Automobile, one of our long-term partners in China. We enjoy good cooperation with Chery in the electric vehicles segment and our customer has been pleased with the quality and performance of all units shipped so far," commented Mr. Xiangqian Li, CEO of China BAK. "We expect to receive additional orders from Chery in the second half of 2012. We also expect additional domestic customers to place orders for electric vehicle batteries in 2012," added Mr. Li.
Chery 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, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.’s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet.