Ningde Times invested 1.02 billion yuan to establish a joint venture with FAW, holding 51% of the shares.

On February 27, 2019, the power battery enterprise Ningde Times and FAW established a joint venture company. According to the enterprise inspection data, the new joint venture company, Times FAW Power Battery Co., Ltd. Was registered in Fujian Province on January 31, 2019, with a registered capital of 2 billion yuan. The business scope includes the development, production and sales of lithium-ion batteries, power batteries, ultra-large energy storage batteries and battery systems, as well as the provision of related after-sales and technical advisory services. Of this total, 1.02 billion yuan was contributed by Ningde Times, accounting for 51% of the total shares, and 980 million yuan was contributed by FAW Group, accounting for 49% of the total shares. The legal representative is Qu Tao. By virtue of ternary lithium battery corners overtaking Ningde Era is now the leading domestic power battery enterprises, new energy automotive manufacturers compete to cooperate with each other. On December 20 last year, Geely Automotive's subsidiaries Zhejiang Jirun and Ningde Times will set up a joint venture company, engaged in battery, battery module and battery pack research and development, manufacturing and sales. Just on February 25th Ningde Times announced a five-year agreement to deepen strategic co-operation with BAIC New Energy, starting in 2019.