Qingling and Germany-based Bosch to Establish a Joint Venture
On December 23, Qingling Automobile Group (hereafter referred to as Qingling) and Germany-based Bosch officially signed a cooperation agreement. According to the agreement, the two parties will establish a joint venture specializing in developing, manufacturing, assembling and marketing fuel cells. The new company boasts a registered capital of 800 million RMB (Bosch China holding 60% shares and Qingling holding 40% shares).
With a close tie with Japan-based Isuzu, Qingling is devoted to producing and selling light-, medium- and heavy-commercial vehicles as well as related diesel and gasoline engines.
Bosch is globally renowned for its internal combustion engines and fuel cells. “By joining hands with Qingling, we hope to further promote the commercialization of fuel cell vehicles in China”, said Wang Weiliang, president of Bosch China. So far, Bosch has already established its Fuel Cell R&D Center in Wuxi. In 2021, Bosch fuel cells will be rolled out in China. In addition, it has successfully developed electric pile by cooperating with Sweden-based Powercell.
According to Society of Automotive Engineers China, also known as China-SAE, the number of fuel cell vehicles will reach one million units between 2030 and 2035. In addition, China’s commercial vehicle industry is embracing fuel cells, showing huge market potentials.
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