By inking the letter of intent the companies expect to enhance their competitive advantage in the market and to meet the demand of electric vehicles and electric vehicle batteries in the European Union, Asia and the United States.

Director General of Vėjo projektai Alvydas Naujėkas says the business agreement between Lithuania and Taiwan would create new opportunities for them.

Based on the agreement, the sides are going to establish a joint venture enabling them to develop electric vehicle and battery technologies, as well as to ensure production of electric vehicles by setting up a manufacturing division in Lithuania.

Chairman of Tangeng Advanced Vehicles Co Jonathan Ho stressed that the company would work with Vėjo projektai in developing liquid cooled electric vehicle battery technologies and would establish their manufacturing centre in order to meet the production needs of electric vehicles in Europe.

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