On December 5, Foton Motor announced its intention to establish a joint venture with CATL on a new energy battery rental business with a focus on new energy trucks. The new company is set to be called FOTON Time New Energy Technology. The new company will have a total registered capital of CNY 200 million ($28.64m) and each of the two companies will hold 50% stake in it.

The joint venture will be engaged in new energy battery rental business for new energy trucks.

The collaboration between the two parties will help enhance the market competitiveness of Foton's new energy products and promote new vehicle sales.

CATL,also known as Contemporary Amperex Technology Co., Limited, is the Number One lithium battery manufacturer in China and the global leader in electric vehicle batteries. 

Foton Motor Group is an enterprise with a business scope covering a full series of commercial vehicles including medium and heavy-duty trucks, buses and Vans.