Brilliance Auto Group and Beijing Automotive Group Co., Ltd. (BAIC Group) signed an agreement on Wednesday vowing to cooperate in the new energy vehicle (NEV) industry.

According to the agreement, the two companies will cooperate in areas such as NEVs for use as government cars, taxis, private cars, and express logistics vehicles. The two companies will also share their resources in terms of product development, charging facilities, and capital operation.

They will set up a joint venture for more intense cooperation.

Xu Heyi, chairman of BAIC Group, said the cooperation is in response to the country's auto industry policies and state-owned company reforms.

The cooperation is expected to boost NEV industry development and inject new impetus into the economic growth of northeast China, said Qi Yumin, chairman of Brilliance Auto.

BAIC Group, headquartered in Beijing, and Brilliance Auto Group, based in northeast China's Liaoning Province, are both major domestic automakers.