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Shares of Xinpeng Industry soared to their maximum daily trading limit after the Chinese supplier of metal parts for electromechanical devices announced a partnership with a U.S. manufacturing services company to invest $15 million in a joint venture to produce medium to large-sized enclosures for battery energy storage systems in Thailand.
The company’s stock closed up 10 percent at CNY7.50 (approximately USD1.05) per share, even as the broader Shenzhen market declined by 1 percent.
The Thai subsidiary of Xinpeng recently signed an agreement with the partner company to establish the joint venture at its Rayong manufacturing facility, according to a statement released late yesterday. Equipment debugging and sample production are expected to be completed by the end of next year, with mass production anticipated to start in 2027.
Xinpeng’s local unit will handle the construction of the plant’s infrastructure and the supply of manufacturing equipment, while the partner will oversee product design, manufacturing processes, and secure funding for specialized machinery. The company did not disclose the ownership split.
This project marks the beginning of a strategic alliance with the partner company, aiming to deliver top-tier medium to large-sized enclosures and comprehensive solutions—from design to manufacturing—to global energy storage system providers.
Furthermore, developing this project at the company’s Thai production base will help accelerate its international expansion and enhance its capabilities in designing and manufacturing energy storage components.
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