(Yicai) Aug. 15 -- Shares of Dare Automotive Parts rose after the Chinese car parts supplier said it plans to develop and manufacture solid-state batteries for the new energy vehicle joint venture in China of French automaker Renault Group.

Dare [SHE: 300473] closed up 2.7 percent at CNY15.80 (USD2.21) in Shenzhen today, after opening 10.3 percent up.

Dare will develop solid-state battery cells based on the size and performance requirements dictated by Jiangling Motors Electric Vehicles for the latter’s EV models, the Liaoning province-based firm announced yesterday. The pair will then explore the feasibility of mass production and marketing.

Renault holds a 50 percent stake in Jiangxi province-based JMEV, while Chinese commercial vehicle manufacturer Jiangling Motors holds a 37 percent stake.

Dare’s solid-state battery technology was still in the research and development stage at the end of last year, according to the company’s latest annual report.

Major Chinese battery makers, including Contemporary Amperex Technology, as well as SAIC Motor and other leading domestic carmakers, are investing in the development of solid-state batteries. Compared with commonly used liquid electrolyte batteries, solid-state batteries have a longer driving range, faster charging speed, and higher safety performance.

More than 74 percent of Dare’s revenue was from overseas markets last year, with 10 well-known foreign carmakers, including Renault, among its main customers, the earnings report showed.

Editor: Futura Costaglione