Cars

Chery inks electric vehicle deal with Better Place

(Xinhua)
Updated: 2010-04-27 16:41

HEFEI: Chery Automobile Co, China's largest independent carmaker, has inked an agreement with Better Place, a leading US electric-vehicle infrastructure firm, to collaborate on new technologies for China's auto market, the company said Monday.

Chery signed the memorandum of understanding with the US company on Saturday during the 2010 Beijing International Automotive Exhibition.

According to the agreement, the two companies will jointly develop switchable-battery electric vehicle prototypes and collaborate on research on building a network of charging stations for electric cars.

"The cooperation between Chery and Better Place will help push forward the marketization of electric vehicles in China," said Tao Yuan, vice president of the company.

Developing electric vehicles has become one of Chery's priorities, Tao added.

Chery reported a sales surge of 74.6 percent in the first quarter of the year, with exports increasing 335 percent.

China overtook the US as the world's biggest auto market last year.Chery sold about 500,000 cars in 2009.