SAIC Times Power System (Shanghai) Co., Ltd. has recently been established in Shanghai, with Mr. Wang Wei appointed as its legal representative and an initial registered capital of 50 million yuan. The company's core business encompasses a broad spectrum, including the sale of batteries and spare parts, wholesale distribution of automotive components, mold sales, and the provision of a suite of technical services such as technology development, consultation, exchange, transfer, and promotion. Additionally, it engages in the import and export of goods and technologies, along with import and export agency services. The equity structure reveals that SAIC Times Power System (Shanghai) Co., Ltd. is a wholly-owned subsidiary of SAIC Times Power Battery System Co., Ltd., which is a joint venture between Shanghai Automotive Group Investment Management Co., Ltd. (a subsidiary of SAIC Motor) and Contemporary Amperex Technology Co. Limited (CATL).