Chinese electric vehicle maker Leapmotor plans to participate as a strategic investor in a Series A financing round for Qixin Power, a powertrain subsidiary of state-owned automaker FAW Group, FAW said in a statement on Thursday.
Under a letter of intent signed in the eastern city of Huzhou, Zhejiang province, Leapmotor and Qixin Power will explore strategic cooperation and resource sharing in powertrain products and technologies, including hybrid engines, electric drive systems and range extenders.
Simultaneously, FAW’s battery unit, China Automotive New Energy Battery Technology Co, signed a technology cooperation agreement with Leapmotor to jointly develop advanced battery technologies, including solid-state, lithium-rich manganese-based, sodium-ion and ultra-fast-charging lithium iron phosphate (LFP) batteries.
“The agreements mark a key step in FAW Group’s transformation into a technology-driven company and its efforts to strengthen the new energy vehicle supply chain,” FAW said.
The two companies will leverage capital and technology collaboration to deepen ties between a state-owned automaker and a private EV maker, it said.
In an earlier tie-up in 2025, Leapmotor struck a deal to supply an EV platform for a new model under FAW’s premium Hongqi brand aimed at overseas markets, Reuters previously reported.
Reuters
