(Yicai Global) Jan. 24 -- Two Chinese carmakers, Geely Automobile Holdings and Lifan Industry Group, have teamed up on the novel business of replaceable electric vehicle batteries.

The pair registered their joint venture called Ruilan Automotive Technology in Chongqing, Hangzhou-based Geely said in a filing with the Hong Kong Stock Exchange yesterday.

The move was expected. Jerry Gan, chief executive of Geely Auto Group, first proposed to form a new battery swap brand last October. In December, Geely and Lifan jointly announced they will invest CNY300 million each to establish a joint venture.

Ruilan will introduce a variety of products, said Geely. Based on its self-developed technology, the company will create an intelligent battery swap ecosystem, it added. The product information is reported to be unveiled in the first half of this year.

The JV has CNY600 million (USD94.8 million) in registered capital. Each of the shareholders has 50 percent of its equity. Ruilan’s business scope includes the research & development of auto parts and new energy vehicle sales, according to its registration.

Editor: Emmi Laine, Xiao Yi