Better Place to work with Chery on electric cars

Electric vehicle infrastructure company Better Place says it has reached a deal to work with China's Chery Automobile on new technology for the Chinese auto market.

California-based Better Place said it signed a memorandum of understanding with Chery, China's largest independent car maker and exporter, to collaborate on electric vehicle technology.

Under the agreement, the two companies will jointly develop switchable-battery electric vehicle prototypes in the hopes of securing regional Chinese government pilot projects, Better Place said.

Better Place is aiming to build a network of charging stations for electric cars, leasing batteries to customers for use in their vehicles. Better Place is already building networks in Israel , Denmark , and Australia .

The well-funded start-up raised $350 million in January from a consortium led by HSBC and Morgan Stanley Investment Management. The funding valued the company at $1.25 billion.

China overtook the United States as the world's biggest auto market last year. Chery sold around 500,000 vehicles in 2009.

 

Join the discussion

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

HOT ON CNET

Is your phone battery always at 4 percent?

These battery packs will give your device the extra juice to power through all of those texts and phone calls.