Guoxuan says in talks with Volkswagen for cooperation in technology

Guoxuan High-Tech Co Ltd says it is is in talks with Volkswagen AG for possible strategic cooperation in technology, product, and capital, the China-based battery maker wrote in a company filing on Monday.

Guoxuan has also said that it has not reached a legally binding agreement with the automaker as of now regarding the terms and conditions of its cooperation.

Guoxuan engages in the research and development, manufacture, and sale of power lithium battery.

The battery maker produces transmission and distribution equipment. It specializes in the power lithium-ion battery, monolithic lithium ion battery and cell, and power lithium battery cathode material. Its products have been utilized in new energy vehicles, storage power stations, communication base stations, scenery complementary, and mobile power. The company was established on November 19, 1998, and is headquartered in Hefei, China.

On Friday, Reuters reported that Volkswagen was planning to buy a 20% stake in Guoxuan.