BAK International, which focuses on the research and development of lithium battery cells for use in light electric vehicles (EV) and hybrid EVs, has received the subsidy from the National Development and Reform Commission (NDRC) and Ministry of Industry and Information Technology (MIIT).
The company has bagged several research grants for its automated high power lithium battery project, which was previously selected as a key project of the PRC’s National High Technology Research and Development Program, or ‘863 Program’.
BAK International intends to utilize the subsidy to expand its production output and enhance product quality to generate additional revenue and strengthen its market position.
China BAK chairman and CEO Xiangqian Li said that the subsidy from NDRC and MIIT demonstrates the government’s continued support and confidence in China BAK’s ability to supply high-quality products to the EV industry.
"We firmly believe that with our wealth of experience and advanced technological expertise, we will be successful in continuing to implement our turnaround strategy, increase our market share and deliver high-quality products to our customers," Li said.
