On July 10, Honda and Ningde Times signed a comprehensive strategic cooperation agreement on new-energy vehicle power batteries to enhance the popularization of electric vehicles and accelerate the strategic partnership.The strategic cooperation will cover the joint development, stable supply and recycling of power batteries.

Honda Ningde Era power battery

The key points of this cooperation are: Ningde Times provides stable power battery supply to Honda;The two sides will discuss the future of battery recycling and reuse.Honda participated in the non-public offering of Ningde Times and subscribed for the shares of Ningde Times.

Honda and Ningde Times will combine their technological advantages to jointly develop new energy vehicle power battery and future battery basic technology.Through this cooperation, Honda will get a steady supply of ningde Times battery, which is mainly based on pure electric vehicle (BEV) batteries.The first china-made new energy vehicle models equipped with Ningde Era power batteries are expected to be launched in the Chinese market in 2022. The two sides will also discuss expanding cooperation in the global field in the future.In addition, the two sides will also carry out cooperation discussions on the future recovery and reuse of power batteries.

Honda will subscribe for about 1 per cent of Ningde's non-public offering.Through the investment subscription equity, Honda will become an important strategic partner of Ningde Times.Ningde Times will provide Honda with power battery solutions with market competitiveness and full life cycle cost advantages and maintain stable supply.The proceeds from the private offering will be used for ningde Era's power battery research and development upgrade and capacity expansion projects.The two sides will promote global electrification through technical cooperation and competitive battery supply systems.