Zhejiang Tianneng Energy Technology (Tianneng) is to supply lithium-ion batteries to Kandi Vehicles for a one year contract worth $42.6m.
According to Jinhua-based Kandi, the company’s existing battery suppliers can no longer meet the demand of its hybrid and electric vehicle production. “Tianneng Energy Technology’s lithium battery is a great addition and will help the electric vehicles achieve a better performance,” Kandi said in a statement.
Tianneng will supply a new version of its lithium-ion battery.
Tianneng is a fully owned subsidiary of Tianneng Power International, one of China’s biggest OEM suppliers.
Earlier in December, Kandi received a national subsidy of US$31.8m for its electric vehicle joint venture with Geely Automobile.
