Chery and B-ON are establishing a joint venture for electric vehicles in Europe and North America

China’s B-ON and Chery said Tuesday they have formed a joint venture that will give the European electric car maker access to Chery’s financing, supply and production, and give the state-backed Chinese carmaker access to the European and US markets.

The two companies presented their first jointly developed vehicle, the Pelkan, on Tuesday, which will be delivered to customers in Europe from mid-2024.

The Pelkan will offer a charge of up to 1,350 kilograms (1.49 tons) and will be available in two battery versions of 43 and 54 kilowatt hours, allowing a range of 226 kilometers (140 miles) or 279 kilometers.

Chery is an investor in B-ON and will support the venture with working capital.

“Innovative, fast-moving companies like B-ON have the ability to serve the fast-growing automotive market in their regions, but lack the production base to meet all the market’s needs,” said Chery Chairman Yin Tongyue. details. “Our partnership is a perfect union.”