Chinese automaker Dongfeng Motor is planning a joint venture with domestic battery maker Sunwoda to develop and produce battery cells, modules, and related parts for electric vehicles, according to an announcement on June 17. The venture will have starting capital of RMB 255 million ($38 million), with Dongfeng’s two companies holding a combined 49% stake, giving Sunwoda a controlling stake of 51%. In late February this year, the Shenzhen-listed battery supplier raised RMB 2.4 billion in a private placement of shares from a list of automakers including SAIC, Dongfeng, Li Auto, and Xpeng Motors. [Sunwoda statement, in Chinese]