BAIC Group is pulling different group subsidiaries — BAIC BluePark New Energy Technology (electric vehicle arm), BAIC Capital (investment arm) and Beijing Hainachuan (auto component unit) to set up a joint venture with CATL and Xiaomi Auto, according to a news report published by CarNewsChina on March 12.

Once established, the JV company will be named Beijing Era New Energy Technology Co. Ltd. and will focus on building an intelligent battery-cell manufacturing plant in Beijing, it said.

The report mentioned that the JV company will have a registered capital of 1 billion yuan (about $138 million). While CATL will have an equity stake of 51% in the said battery JV company, BAIC Group will own 39% and Xiaomi Auto will have a 5% stake.

The proposed JV company’s scope of business will include developing, producing and selling lithium-ion batteries, power and energy storage batteries, as well as providing related after-sales and technical consulting services.

Notably, BAIC’s EV arm BAIC BluePark has made significant investments in developing battery-electric vehicles (BEVs) in recent years. The company owns the popular EV brand Arcfox in mainland China.

BAIC has been forging new partnerships lately, including its plan to jointly introduce and manage a new EV brand with South Korean carmaker Hyundai Motor and joint production plan with Mercedes-Benz to produce and sell EVs in mainland China.