SAN FRANCISCO, April 24 (Reuters) - Electric vehicle infrastructure firm Better Place said on Saturday it has reached a deal to work with China's Chery Automobile on new technology for the Chinese auto market.
California-based Better Place said it signed a memorandum of understanding with Chery, China's largest independent car maker and exporter, to collaborate on electric vehicle technology.
Under the agreement, the two companies will jointly develop switchable-battery electric vehicle prototypes in the hopes of securing regional Chinese government pilot projects, Better Place said.
Better Place is aiming to build a network of charging stations for electric cars, leasing batteries to customers for use in their vehicles. Better Place is already building networks in Israel, Denmark and Australia.
The well-funded start-up raised $350 million in January from a consortium led by HSBC and Morgan Stanley Investment Management. The funding valued the company at $1.25 billion.
China overtook the United States as the world's biggest auto market last year. Chery sold around 500,000 vehicles in 2009.
(Reporting by Gabriel Madway; Editing by Will Dunham) Keywords: BETTERPLACE/CHERY (gabriel.madway@thomsonreuters.com; +1 415 677 2536) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
California-based Better Place said it signed a memorandum of understanding with Chery, China's largest independent car maker and exporter, to collaborate on electric vehicle technology.
Under the agreement, the two companies will jointly develop switchable-battery electric vehicle prototypes in the hopes of securing regional Chinese government pilot projects, Better Place said.
Better Place is aiming to build a network of charging stations for electric cars, leasing batteries to customers for use in their vehicles. Better Place is already building networks in Israel, Denmark and Australia.
The well-funded start-up raised $350 million in January from a consortium led by HSBC and Morgan Stanley Investment Management. The funding valued the company at $1.25 billion.
China overtook the United States as the world's biggest auto market last year. Chery sold around 500,000 vehicles in 2009.
(Reporting by Gabriel Madway; Editing by Will Dunham) Keywords: BETTERPLACE/CHERY (gabriel.madway@thomsonreuters.com; +1 415 677 2536) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.