Beijing Auto Group and Ningde Times signed a strategic cooperation agreement on business cooperation and advanced technology empowerment on March 13, according to the company's official news.

According to the agreement, the two sides plan to jointly develop power battery products and explore the new energy vehicle market. Ningde Times will be deeply integrated into the vehicle development and production of the self-owned brand of new energy automobile enterprises under BAIC Group, and provide competitive power battery products and service guarantee.

Beijing Auto Group will build a closer strategic partnership with Ningde Times and carry out comprehensive cooperation in power batteries, the company said.