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China: BAK and Chery Ink Battery Deal

China’s BAK Battery, the NASDAQ listed battery company that was founded just over 10 years ago has found a new partner in Chery. The Chinese auto company plans to buy 1000 lithium batteries from BAK over the course of 2012 to power its new Riich M1 small car. The Riich M1 is a compact city car that retails for around 40,000RMB, the cars small size makes it perfect for converting into an electric car. Test electric models have already been put on display in China at various auto shows and events around China.
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