(JW Insights) Jul 21 -- Chinese EV battery giant CATL set up an aviation company on July 19. Experts said the move is a big step by the battery giant into the aviation manufacturing sector, and reflected a potential move of developing electric aircraft, reported China Daily on July 20.
The new company has registered capital of RMB600 million ($83 million) and focuses on businesses including the design and production of civil aircraft components, as well as engines and propellers, according to Tianyancha, provider of Chinese corporation data and due diligence platform.
Joint shareholders of the new firm include the new energy subsidiary of CATL, Commercial Aircraft Corporation of China, and Shanghai Jiao Tong University Enterprise Development Group.
None of the three companies confirmed the news as of publishing time.
In April, CATL announced its cutting-edge condensed battery and said in addition to EVs, such technology will be used in the aviation sector.
The company also disclosed the technology has already been used in civil electric manned aircraft and has carried out tests to meet aviation-level quality and standards, said the China Daily report.
(Yuan XY/Gao J)
