Chinese carmakers FAW, Leapmotor sign cooperation agreement

Chinese state-owned automaker FAW (First Automotive Works) and new energy vehicle startup Leapmotor have reached a comprehensive cooperation agreement to deal with the new wave of electrification and intelligent transformation.

The companies signed a Memorandum of Understanding on Strategic Cooperation in Changchun yesterday.

They are to cooperate both technically and financially, not only developing new-energy cars with integrated technology but also deepening capital cooperation.

"This alliance between a traditional car company and a new car-making force marks the new trend in the auto industry from competition to in-depth cooperation and integration," according to an industry insider.