(Yicai) March 6 -- Chinese car designer IAT Automobile Technology is tying up with JMEV, an electric vehicle joint venture of Jiangling Motors Corporation Group and Groupe Renault, to form an original design manufacturer alliance focused on smart new energy vehicles.

IAT and JMEV will jointly develop and make new NEV models, Beijing-based IAT said in a statement released late yesterday, citing a framework deal signed on March 1. Under the agreement, JMEV will join an ODM strategic alliance led by IAT.

IAT will be responsible for research, development, design, and supply chain integration, and will share the costs of new product R&D with Jiangxi province-based JMEV and other alliance members, aiming to provide the market with better-value NEVs, it said. 

JMEV, initially set up in 2015, became focused on NEV development and production in 2019 when Renault raised its stake in the venture to 50 percent. The rest is owned by Jiangling Motors and a fund run by Agricultural Development Bank of China.

IAT said it will invite more car companies to join the alliance, but did not mention any names. The firm said its platform for unified new model development can lower the costs of R&D, manufacturing, and procurement, as well as shortening the cycle for bringing in new models for the NEV manufacturing alliance members via resource sharing. 

IAT and JMEV also intend to use artificial intelligence model applications in smart vehicle development, production, and manufacturing. JMEV pledged to prioritize the use of IAT-developed industry specific AI models. 

Shares of IAT [SHE: 300825] finished 1.5 percent lower at CNY11.42 (USD1.60) each in Shenzhen today. 

Editor: Tom Litting