Manufacturing News

Korean companies CT&T and SK Energy to build EVs with BAIC

Korean electric vehicle maker CT&T and battery manufacturer SK Energy Co. signed a memorandum of understanding earlier this month with Beijing Automotive Industry Holding Corp. (BAIC) on the establishment of a joint venture electric vehicle manufacturing facility in China.

The three companies plan to build an electric vehicle assembly in Beijing with an annual capacity of 50,000 electric vehicles, CT&T said in a statement. They also plan to build more than 10 plants with similar capacity elsewhere in China.

A binding agreement on the joint venture is scheduled to be signed in early June.

CT&T now has an electric vehicle manufacturing facility with annual output of 50,000 units in east China's Shandong province. The Korean company will display its EV models at this year's World Expo that is slated to begin in May in Shanghai.

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