The companies hope to increase their competitive advantage in the market by inking the letter of intent and meet the demand for electric vehicles and electric vehicle batteries in the European Union, Asia and the United States by inking the letter of intent.
The business agreement between Lithuania and Taiwan would create new opportunities for them, according to the director general of V jo projektai Alvydas Nauj kas.
The sides are going to establish a joint venture that will allow them to develop electric vehicle and battery technologies, as well as to ensure the production of electric vehicles by setting up a manufacturing division in Lithuania.
The chairman of Tangeng Advanced Vehicles Co, Jonathan Ho, stressed that the company would work with V jo projektai in developing liquid cooled electric vehicle battery technologies and establish a manufacturing centre in order to meet the production needs of electric vehicles in Europe.