China's technology company Skyworth has reached an investment agreement with a Turkish group to build a battery factory in Türkiye, a statement said on Monday.

The manufacturer of the Skywell electric vehicle (EV) brand, Skyworth said the deal was reached with Ulubaşlar Group to develop and produce batteries, without disclosing the location of the factory.

The companies will invest $25 million each in the plant that is planned to be opened by the first quarter of 2024, the statement said.

The factory will manufacture batteries featuring 800V+4C super-fast charging technology architecture. This will enable a charging power to increase from 120 kW to 480 kW, allowing the vehicles to charge 80% in eight minutes, according to the statement.

"The battery is a key element in the transformation of the automotive market, and producing this technology here will provide Türkiye with important capabilities and will make significant contributions to the economy of our country," said Mahmut Ulubaş, CEO of Skywell Türkiye.

Ulubaş also stressed on the impact the investment would have on employment and exports.

Among others, the Chinese company could also launch production of Skywell's new models that are planned to be launched on the market within three years in Türkiye, said Ulubaş.

Ulubaşlar Group's subsidiary Ulu Motor is a distributor of Skywell operating in Türkiye and 15 other countries.

Ulubaş's remarks were echoed by Wu Longba, co-founder and CEO of Skywell, who stressed the company's close cooperation with Ulu Motor and also noted the plans to establish an assembly line in the country.

"We will initiate feasibility studies for this collaboration (battery factory) as soon as possible, which will be a significant turning point in Türkiye-China relations. We are very enthusiastic about this partnership," he noted.

"Moreover, we plan to establish a vehicle production line, bring spare parts supply system to Türkiye, and manufacture certain components here," he said.

"We anticipate various future business partnerships with Ulu Motor throughout these processes. Our objective is to contribute to the development of Türkiye's new energy vehicle industry technology and capacity."