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Geely announced on June 12,2019 that Shanghai Huapu Guorun, its 99% subsidiary, would establish a joint venture with LG Chemical to produce and sell electric vehicle batteries.

Shanghai Huapu Guorun and LG Chemical each hold 50% shares to establish a joint venture company with a registered capital of USD 188 million. By the end of 2021, they will build a 10GWH electric vehicle battery factory to engage in R & D, manufacturing, sales and after-sales service related to electric batteries, so as to enhance the core competitiveness and sustainable development capability of both parties in their respective fields.

An Conghui, President of Zhejiang Geely Holding Group and CEO and President of Geely Automobile Group, said: "In the field of new energy vehicle supply chain, Geely Automobile has formed an integrated industrial chain for R & D and manufacturing, and has achieved reasonable layout in core components such as three electric power. This joint venture with LG Chemical will further provide solid system support for the full implementation of Geely's new energy strategy. We are committed to becoming a global leader in new energy and energy-saving technologies, and continue to create high-value, good-experience new energy and electrified vehicles and services for consumers."

Geely Automobile has invested tens of billions of yuan in the research and development of new energy, obtained hundreds of core patents, built the underlying architecture technology, and realized the truly 100% independently researched and developed Chinese new energy technology system and solution.

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