Manufacturing News

Chinese battery maker Amperex takes 22% stake in Finland's Valmet Automotive

Contemporary Amperex Technology, a Chinese producer of lithium ion batteries, has taken a 22 percent stake in Finnish coachbuilder Valmet Automotive.

The deal establishes Amperex as Valmet's third-largest stakeholder. Two financial investment firms, Pontos and Tesi, hold 39 percent stakes.

Amperex said it will work with Valmet to engineer powertrains and batteries for electric vehicles. The partners plan to target the European market.

Amperex bills itself as China's top producer of EV batteries, and one of the three top EV battery makers worldwide. Based in Ningde in Fujian province, the company employs 10,000 workers.

Valmet produces vehicles and roofs for convertible cars at plants in Finland, Poland and Germany. Since the company was formed in 1968, it has produced vehicles for Mercedes-Benz, Porsche, Opel and Saab.

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